I have heard from many sources the term Estate Planning being used frequently but what is meant exactly by the term Estate Planning?

Estate Planning is generally considered to be "the process whereby the assets that have been accumulated during a persons lifetime will be passed onto family members or charitable institutions that a person has specified, in the most tax efficient and equitable way possible."

Estate Planning will ensure that the Estate that needs to be passed on to the desired people or institution will be accomplished with the least amount of time, cost and potential grief.

It is imperative that every person should have an Estate Plan so that his Estate will be passed on to his heirs or survivors according to his or her wishes.

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Estate planning essentially means controlling the property that you have or will have. Property means everything of value, including real estate, financial, life insurance, and beneficiary controlled assets (e.g. retirement plans and annuities). Estate planning is accomplished via proper beneficiary designations, owning property the "right" way, and executing a will or a living trust.