Estate planning is a process that involves making arrangements for how an individual's assets will be managed during their lifetime and then distributed after death. The goal of estate planning is to ensure that assets are passed on to intended beneficiaries efficiently, with minimal tax consequences and in accordance with the individual’s wishes. This can involve creating a will or trust, designating power of attorney, setting up guardianship for minor children, and making decisions about how assets should be distributed among heirs. Estate planning is an important process that helps ensure financial security for loved ones and minimizes complications after death.