Estate planning is the process of organizing and managing your assets and affairs to ensure they are distributed according to your wishes after your death. It includes creating documents such as wills, trusts, powers of attorney, and healthcare directives. Estate planning is important because it provides peace of mind, protects your loved ones, minimizes legal complications, and ensures your wishes are honored.

A will is a legal document that outlines how your assets will be distributed after your death and can appoint guardians for minor children. A trust, on the other hand, is a legal entity that holds and manages assets on behalf of your beneficiaries during your lifetime and after your death. Trusts can help avoid probate, provide tax benefits, and offer greater control over how and when your assets are distributed.

You should review and update your estate plan regularly, especially after major life events such as marriage, divorce, the birth of a child, the death of a beneficiary, or significant changes in your financial situation. Keeping your estate plan current ensures that it accurately reflects your wishes and provides the necessary protection for your assets and loved ones.