Estate planning is something everyone should think about some time. Estate planning is for anyone who wants to direct who will get your property when you die, what they will receive, and who will be in charge of distributing the property according to your wishes. It is also for people who want to try to reduce the tax bite of passing property to heirs.

Your estate plan may cover a lot of issues other than just money. If you want to designate the guardian of your children, you need an estate plan. Even if your wealth is modest, an estate plan lets you decide who will receive your property when you die. For many people, their estate plan also addresses matters like old age, disability and illness.

If you have no estate plan, state law controls who gets your property and how. But the law may not pass your property the way you would want.

Estate planning is one type of preventive law where the benefits far outweigh the costs, as it can help make sure your property goes to your loved ones in the fastest and least costly manner.