Estate planning explained

Estate planning involves identifying who you want to give your assets to and when (during your lifetime, at death or sometime after death).

Your estate plan may also include:

• ways to meet the financial needs of your family members if you die or become incapable of managing your affairs,
• steps to minimize taxes that you or your estate might pay, and
• a plan to sell or pass on your ownership stake in a business.

Documents commonly used in estate planning

A will is the cornerstone of an estate plan, but your plan may also include:

• powers of attorney
• living will
• life insurance
• trusts
• business or partnership agreements if you own a business.