Estate planning involves preparing for the management and distribution of your assets in case of incapacitation or death. It includes creating documents like wills, trusts, and powers of attorney to ensure your wishes are carried out and your loved ones are provided for.

Estate planning is beneficial for individuals of all ages and financial statuses, not just the wealthy or elderly. If you own property, have minor children, or want to make specific decisions about your healthcare and finances, an estate plan is necessary.

A comprehensive estate plan typically includes a will, trusts, power of attorney, healthcare directive, and beneficiary designations. These documents work together to manage asset distribution, avoid probate and address personal wishes.

A will is a document that outlines how your assets should be distributed after death and goes through probate. A trust, on the other hand, can manage assets during your lifetime and after death, often avoiding probate and offering more privacy.

The average cost of a comprehensive estate plan typically ranges from $2,000 to $5,000 depending on complexity, estate size and location.