Your estate is all of the property that you own, including real estate, cars, furniture, cash, stocks and bonds, insurance policies, and pension benefits.
Estate planning is the process of preparing for the orderly transfer of one's property at death.
A properly planned estate carries out your intentions in the disposition of your property. An estate plan often saves money by reducing the cost of administering an estate or by reducing or delaying death taxes. The most basic estate planning requirement is a will. In some states, a basic estate plan might also contain a revocable trust. Other types of trusts may be used to provide flexibility, save estate taxes, or both.