If you are a young family with children, it's essential to plan for the care of your children should you or your spouse pass away or become unable to care for them. Naming a guardian can be easily done in a will or trust. You may wish to plan for college or perhaps an education trust.
As you become established in your career and your estate increases, a variety of estate planning tools can minimize the impact of taxes and other costs after death, and provide protection for your family.
The retirement years are a time when many people give serious thought to the distribution of assets to family and charities. Financial gifting to family members can also be done. This is also an important time to consider long-term care planning, to communicate your wishes regarding end-of-life care, and to designate an agent for healthcare decisions and for financial management.