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Estate Planning is simply the process of making it clearly known how you want your estate to be handled after you pass or if you’re incapacitated and unable to handle things on your own. The most common Estate Planning definition is — "the process of making plans for the management and transfer of your estate after your death, using a Will, Trust, insurance policies and/or other devices." Estate Planning has been around for many years, but it’s becoming increasingly more and more common.
An estate plan isn't going to be successful unless the heirs understand the property, your intention for it, and how to manage it.
The instruction stating whom, what, and when you want to receive something of yours is called Estate Planning.
Estate Planning is an ongoing process, not a one-time event. Your plan should be reviewed and updated as your family and financial situations (and laws) change over your lifetime.
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