Estate planning, in simple terms, is the process of providing instructions about how you want your assets or estate to be distributed after you’ve passed away and manage your assets in the event of incapacity. Your estate consists of everything you own. You get to decide who gets your assets, when they get them, and even what those assets can be used if for.
Estate planning also encompasses what you would like to happen in the event of your incapacity and how you would like your affairs handled. If you are looking to keep your wealth in the family, there are planning strategies available that allows the beneficiaries to your estate to access assets quickly while eliminating and reducing estate taxes.