One estate planning definition goes something like this:
The process of arranging for the transfer of your property after death.
Wikipedia gets it closer:
Estate planning is the process of anticipating and arranging, during a person’s life, for the management and disposal of that person’s estate during the person’s life, in the event the person becomes incapacitated and after death (https://en.wikipedia.org/wiki/Estate_planning)
That definition is just one piece of what estate planning is all about. Here is more but perhaps not everything:
- Arranging for the orderly transfer of your property
- Protecting you during your lifetime
- Protecting your family during your lifetime
- Protecting your family after you are gone
- Protecting your money and affairs while you are living
- Ensuring and maintaining privacy of financial and personal affairs
- Avoiding probate
These are just the highlights of an estate planning definition. You can probably come up with an even more comprehensive definition with some research.
- What is an Estate Planning?
- What is the Difference Between Will and Estate Planning?
- What is Estate Planning and Why is it Important?
- Purpose of Estate Planning
- Estate Planning vs Will
- What is Estate Planning?
- Plan Your Estate
- Importance of Estate Planning
- Estate Planning Checklist