The process of planning for an orderly and cost-effective transfer of your property to loved ones during and after your life. Estate planning includes preparing a will, possibly preparing one or more trusts, considering and, if appropriate, buying life insurance, ensuring you have current beneficiary designations for any retirement accounts, and appointing a power of attorney for financial decisions. Estate planning may also include preparing documents, such as a living will and advance healthcare directive, to ensure that someone will be able to make decisions for your healthcare in the event that you become incapacitated.