Estate-planning is the process of making legally-binding decisions and creating legal documents to ensure those wishes are honored both while you are alive and after you have passed away. It is part of a planning process that relates to your finances and will help your family and loved ones by providing clear direction about your wishes regarding significant issues, including your savings, investments, possessions, healthcare decisions and minor children.
Estate-planning is a process. It will take time, it will likely take some money (to pay legal fees for drawing up documents), it will require that you make some important decisions and have some honest conversations with loved ones; and most likely it will require that you work with a lawyer or legal professional to prepare the required documents. This piece outlines things to consider and steps to take when planning your estate.