Despite the scheduled repeal of the federal estate tax in 2010, the tax will be revived in 2011—with a vengeance—unless Congress takes action. Thus, estate planning remains a critical concern for well-to-do families. Fortunately, however, there are various estate-planning tools at your disposal that may benefit your heirs. Here are a few prime examples.

Will: A will is usually the centerpiece of an estate plan. For one thing, your assets are distributed according to its terms. Secondly, it may contain other key provisions (e.g., naming the guardian for minor children). And you can use a will to establish tax-saving trusts (see below).

Naturally, a will does not do much good if your assets cannot be located or the terms are not clear. It is generally recommended that you prepare a letter of instructions to accompany your will.

Credit shelter trust: This type of trust is used by married couples to maximize the tax benefits of the federal estate-tax exemption in conjunction with the unlimited marital deduction. Currently, the credit can be used to shelter up to $2 million from estate tax. (This figure will increase to $3.5 million for 2009 before the estate tax is eliminated in 2010. The tax is scheduled to be revived in 2011 with a less-favorable estate-tax exemption.)

Living trust: A living trust allows you to pass assets to beneficiaries without going through probate. In some cases, this can save both time and money for your family. However, a living trust is generally used as a complement to a will—not as an outright replacement. Note: Living trusts may cause other complications, depending upon the applicable state laws.

Charitable remainder trust: If you own property that has appreciated in value, you might set up a charitable remainder trust. Typically, the trust provides you with income during your lifetime. After your death, the proceeds go to a designated charity. Added incentive: You are entitled to a current tax deduction based on the value of the property transferred to the trust.

Living will: A living will, if valid under state law, typically provides for someone to not be kept alive by artificial means in the event of a disabling injury or a terminal disease. Be careful about the wording.

GRATs and GRUTS: Grantor retained annuity trusts (GRATs) and grantor retained unitrusts (GRUTs) are devices that allow you to receive payments for a term of years or your lifetime. Then, the remainder goes to the named beneficiaries. In brief, a GRAT pays out a fixed amount while a GRUT is based on a fixed percentage of assets. In either case, the trust is irrevocable.

Practical idea: Use these tools in tandem as part of a comprehensive estate plan. Your professional advisers can provide guidance in this area.