Both a Will and Trust allow you to provide for distribution of your assets after your death. However, a Trust can save your loved ones the time and expense of avoiding probate. A Trust can also provide invaluable estate tax planning and avoidance depending upon the size of your estate.
There are two types of commonly used Powers of Attorney:
1) Power of Attorney for Healthcare - used to appoint an agent to make healthcare decisions on your behalf if you are incapacitated.
2) Power of Attorney for Property - used to appoint an agent to make financial decisions on your behalf if you are incapacitated.
Whenever setting up a Will, Trust, or Powers of Attorney, it is always recommended that you consult an attorney that specializes in estate planning and is licensed in your state of residence.