When major life events happen, such as birth, death, marriage, or divorce, it’s crucial that you have a relevant and updated estate plan. Estate planning is the preservation and distribution of your assets, both during your life and after death. It is accomplishing your personal and family goals, easing the management of your financial and legal affairs, and minimizing taxes if your estate is large enough for taxes to be of concern. 

When we talk about an estate, we mean all assets of any value you own, including real property, business interests, investments, insurance proceeds, personal property, and even your personal effects. An “estate plan,” generally, refers to how your estate is passed on to your loved ones on your death, as well as appointing others to act in the event you become incapacitated.