Estate planning is planning for what happens to your “estate” when you pass away.
An “estate” is everything you own at the time of your death.
The most common estate planning document is your will. A will lets people know your wishes for how your property should be distributed after you pass away. For example, “To my dutiful daughter, I leave my house.”
However, an estate plan is more than just the writing of your will. An estate plan can involve financial, tax, medical, and business planning.