What is estate planning?

Estate planning is the process of deciding ahead of time how your assets will be managed and passed on, and who will make decisions if you can't. It usually includes a will, possibly a trust, powers of attorney, healthcare directives, and up-to-date beneficiary designations. The goal is to protect your loved ones, avoid confusion, and make sure your wishes are honored. A full estate plan package commonly runs about 1,000 to 3,000 dollars.