What is estate planning?

Estate planning is fundamentally about the process of organizing how an individual's assets will be distributed after they pass away. It involves creating legal documents like wills and trusts, which specify what will happen to a person's property, finances, and personal possessions upon their death. This planning ensures that the individual's wishes are honored and can help minimize family disputes during a difficult time, streamline the distribution process, and potentially reduce estate taxes.

Engaging in estate planning also involves considering aspects such as guardianship for minor children, making decisions regarding healthcare directives, and ensuring that all financial and legal aspects are clearly laid out to avoid complications. The goal of estate planning is to provide peace of mind and clarity for both the individual and their loved ones.