What is "Estate Planning" Anyway?

Lawyers like to talk about "estate planning", but almost no one else uses that term in the same way.  I have asked many groups "What does estate planning mean to you?", and the responses have varied widely.  Most people just say a "will" or "trust".  That's certainly true, but there is a lot more to it than that.  For me, estate planning is more about objectives than documents.  So, here is my definition --
Estate planning is a combination of documents and strategies that are designed to achieve one or more of the following objectives --

• Transfer assets to beneficiaries

• Disinherit specific heirs

• Manage assets for the benefit of another person

• Minimize administrative costs

• Minimize administrative complexity and litigation

• Nominate persons to handle fiduciary responsibilities

• Protect assets from creditors

• Pay expenses & debts

• Minimize estate and income taxes

• Prepare for incapacity

An exact definition is not as important as achieving a positive outcome for the persons who care. Only one thing is certain -- it must be in writing!