1.  Estate planning makes sure your wishes are honored, giving you control over how your money, property and personal belongings are managed and distributed after your death.

2.  Estate planning provides for loved ones, including spouses, dependent children including those with special needs, even pets, by insuring they will be taken care of financially by naming them beneficiaries or setting up a trust.

3.  Parents who have minor children will want to set up a legal guardian to care for their children, should they pass away.  Otherwise, the courts will appoint a legal guardian.

4.  Estate planning can avoid or minimize probate, which is a lengthy, expensive and public court process to settle an estate. Having designated beneficiaries and/or a trust can help to avoid excess time, money and stress for your loved ones.

5.  Documents that are included in estate planning include financial power of attorney, healthcare power of attorney, will, advanced directive also known as a living will, and trust. Financial Power of Attorney (POA) is person who will handle your property and financial matters if you are unable to do so.  Healthcare POA is the person you designate to make medical decisions on your behalf should you be unable to do so. A will dictates how you desire your assets to be distributed upon your death.  It may also stipulate guardianship for children. An Advanced Directive or Living Will stipulates your wishes for end-of-life care, such as CPR or organ donation. Some people choose to set up a trust. Placing assets in the trust can avoid or minimize the need for probate, has potential tax benefits, you specify how you want your assets to be distributed and a revocable trust offers flexibility in changing terms of the agreement while you are living. An attorney will be able to assist with these options.

6.  Additionally, other steps may include beneficiary designations on all financial accounts and insurance policies, a memorandum as to who you want to have specific personal items such a jewelry, and personal letters for burial instructions, financial information or personal messages.

7. Each state has different laws regarding estate planning and inheritance taxes, therefore it is recommended to work with an attorney who is knowledgeable regarding the laws in your state.