Estate planning is the process of making sure that when you die, those assets are managed and distributed the way you want. A will is the most well-known part of an estate plan, but it’s just one piece. Your advisor, lawyer, notary, or tax professional can help you build a complete plan.
Having an estate plan is always important, but as you get close to retirement it becomes especially useful. It’s best to start planning well before you need it, so that you’re not making a rushed decision.