Estate planning is the process of arranging and managing your assets during your lifetime and ensuring that they are distributed according to your wishes after you die. It involves the creation of legal documents such as wills, trusts, and powers of attorney to help protect and transfer assets to your heirs and beneficiaries.
Estate planning can also include tax planning to help minimize estate taxes and other expenses associated with the transfer of assets. This may involve the use of trusts, life insurance policies, and other strategies to help reduce the tax burden on your estate.
In addition to managing the transfer of assets, estate planning can also include provisions for healthcare and end-of-life decisions. Documents such as living wills and healthcare proxies can help ensure that your wishes are followed in the event that you become incapacitated or are unable to make decisions for yourself.
Working with an estate planning attorney and financial advisor can help you create a comprehensive plan that takes into account your individual goals, family situation, and financial circumstances. It's important to review your estate plan regularly and make updates as needed to ensure that it remains current and effective.