Estate planning involves preparing for the management and disposal of a person's estate during their life and after their death. This can include wills, trusts, powers of attorney, and healthcare directives.

Core Components:

• Will: Specifies how assets are distributed.
• Trust: Can manage assets during life and after death, potentially avoiding probate.
• Power of Attorney: Designates someone to make financial decisions if you're incapacitated.
• Healthcare Directive: Outlines medical wishes.