Generally, an estate plan is a formal legal strategy designed to anticipate and arrange for the care and disposition of a person’s property either at death or because of lifetime incapacitation. Typically, such plans include consideration of necessary legal documents such as Wills or Trusts, Powers of Attorney, Medical Directives, and the nomination of guardians for incapacitated adults or minor children. When done correctly, estate planning attempts to eliminate uncertainty and minimizes the potential for negative effects on the estate (such as because of the payment of taxes or transfer of property to unintended beneficiaries). Estate planning may also include consideration of life or disability insurance, beneficiary designations (or payable on death designations), or re-structuring ownership of assets.