Estate planning is the process of creating a plan for the management and distribution of a person’s assets after their death. This includes determining how their assets, such as property, investments, and personal possessions, will be distributed among their heirs and beneficiaries.

Estate planning also involves making decisions about how to handle financial and healthcare matters in the event of the person’s incapacity or disability. This may include appointing someone to make medical and financial decisions on their behalf through a power of attorney or healthcare directive.

Estate planning may also involve strategies to minimize taxes and other expenses that can erode the value of an estate, such as setting up trusts, gifting assets, or taking advantage of tax deductions and credits.

Overall, estate planning helps to ensure that a person’s assets are distributed according to their wishes and that their loved ones are taken care of in the event of their death or incapacity.