What is estate planning?

Estate planning is a process that you undertake in at least two steps. The first step involves planning for the management and disposition of your property both during your lifetime and after your death. The second step involves planning for your own personal and health care in the event that you are no longer able to care for yourself or manage your personal and financial affairs.

Like many people, you may think that the process of planning your estate means only the preparation of a last will and testament. But estate planning is much more involved and encompasses the preparation of several documents. Estate planning may involve financial, tax, medical, and business planning, in addition to the preparation of a last will and testament. The purpose of this document is to summarize the estate planning process and what the process means to you.