Estate planning is the advance preparation of transfer of your wealth, assets, or property after death. It is the act of giving instructions on what to happen to your wealth after the benefactor passes. To avoid any conflicts and to benefit your family and other beneficiaries, estate planning is essential during every stage of your life, whether young or old.

Many people share the common misconception that estate planning is something only done for death and for very affluent individuals. However, estate planning is an important part of life, and for those individuals of even modest means.