Estate planning is more than simply having a will. Careful planning (including the execution of a living will, durable powers of attorney, and a will) helps to protect your family, your wealth, and your assets by:
Making your precise intentions known regarding the withholding of medical treatment in extreme cases through a living will;
Easing the burden on your loved ones of dealing with health care providers, financial institutions, and other entities if you ever become incapacitated;
Making your precise intentions known regarding the disposition of your assets and personal property, including your home, investments, business, life insurance and retirement accounts;
Avoiding having the state decide how your property will be distributed amongst your family members if you were to die without a will;
Minimizing potential estate taxes and other fees; and
Avoiding the probate process altogether whenever possible.
On the financial side, a good estate plan coordinates what would happen with your home, your investments, your business, your life insurance, your employee benefits (401(k) plan, IRA [investment retirement account]), and other property in the event you became disabled or incompetent, or if you die.