Q. What is estate planning?

A. Estate planning is the process of organizing your personal and financial affairs in a way that maximizes the enjoyment of your own estate during life while planning how that estate should be distributed and used upon your death. Specifically, estate planning is used to ensure that your final property and healthcare wishes are honored, and that your loved ones are taken care of when you are no longer able to care for them. This process involves financial, tax, medical, and business planning as well. Estate planning is more than just a will. A will is just one small part of the estate planning process.

Estate planning can also be used to protect your assets upon a divorce or dissolution of a domestic partnership, protect your assets in the event of a bankruptcy, and minimize the impact of taxes. Additionally, an estate plan allows you to plan for your own care if you become incapacitated, or the care of a minor child.