In it’s most basic meaning, estate planning means making a plan of where your financial and tangible assets will go upon your death. It includes naming the family members, friends, and organizations you want to leave your assets to. Your estate plan should also include:

• The transfer of your business after retirement, disability or illness, and death
• Instructions on how you wish to be cared for if you become incapacitated
• Naming of a guardian for your minor children’s care and any inheritance
• Preparation for taxes, court costs and legal fees
• Setting up a living trust

It’s important to remember that estate planning is not a one-time event. Your plan is continuous and should be reviewed and updated often, especially after any life altering event. An estate plan can change several times over the course of your life.

Another important fact is that an estate plan is much different from a will. Wills can be simple documents that outline your wishes on how your assets are distributed. It may also include your instructions regarding minor children. An estate plan, however, goes much further and actually begins with creating a will. It takes into consideration how to minimize taxes your heirs may have to pay, as well as court costs and fees.