Estate planning involves preparing for the transfer of an individual’s assets upon their death. It typically involves the creation of a will or a trust, which outlines how an individual’s assets will be distributed and managed after their passing.

Estate planning may also include the appointment of guardians for minor children or individuals with special needs, as well as the establishment of advanced healthcare directives and durable powers of attorney to ensure that an individual’s wishes are carried out if they become incapacitated.

Estate planning is an important component of financial planning and can help individuals to ensure that their assets are distributed according to their wishes and that their loved ones are taken care of after they pass away.