Estate planning is making a plan for what happens to your assets, when you're no longer here. It's about deciding who gets what, how they get it, and making sure your wishes are followed. This can even include what happens to your minor children, pets, jewelry, art work, etc.

Estate planning can also involve strategies to reduce taxes and make sure your loved ones are taken care of when you're gone. Life insurance is one of the most cost-effective ways to do this, and should be considered since it can cost only pennies on the dollar.

Remember, estate planning isn’t just for older people. Every person age 18 and over, should have a will and a power of attorney for health and finance. A lot of people are surprised to find out that if their adult children suffer an injury (or worse), parents cannot step in without the correct documentation. If you have minor children and pass away, a proper will can avoid the cost and headache of your family needing to deal with the children’s court (documenting every expense and providing a financial bond). Why add this turmoil to an already difficult situation.