Estate planning is the process of organizing how your assets will be managed and distributed after your death or in the event of incapacity. It typically involves creating a will, establishing trusts, naming beneficiaries, and assigning powers of attorney and healthcare proxies. The primary goal is to ensure your wishes are honored, reduce potential taxes, and avoid family conflicts or legal complications. A well-structured estate plan also helps provide financial security for your loved ones and can include instructions for minor children’s care or charitable giving. It is important to review and update your estate plan regularly, especially after major life events such as marriage, divorce, or the birth of a child. Consulting an attorney or financial advisor can help tailor the plan to your personal circumstances and ensure compliance with local laws. Ultimately, estate planning is a vital step in protecting your legacy and giving peace of mind to your family.