Why might estate planning be important for individuals?

Estate planning is crucial for individuals as it provides a structured approach to determining how property and assets are distributed both during one's lifetime and after death. This involves making decisions about who will inherit property, how it will be managed, and outlining any specific wishes regarding health care and financial affairs. By having a well-defined estate plan, individuals can ensure that their intentions are respected, which helps avoid potential disputes among heirs and ensures a smoother transition of assets.

In addition, estate planning can incorporate strategies for tax efficiency, asset protection, and future income management for beneficiaries. It fundamentally serves the purpose of achieving clarity and peace of mind regarding one's legacy and financial well-being for both the individual and their loved ones.