What is the main purpose of estate planning?

The main purpose of estate planning centers on preserving an estate after death. This involves creating a strategy for managing an individual’s assets and obligations in the event of their passing, ensuring that their wishes regarding the distribution of property, financial assets, and healthcare decisions are honored. Estate planning helps minimize the stress on surviving family members and allows for an organized transition of wealth according to the individual's desires.

While aspects such as tax savings, retirement preparation, and the distribution of assets among heirs are indeed important components of estate planning, they ultimately serve the broader objective of preserving the estate and ensuring it aligns with the deceased’s intentions. By focusing on preserving the estate, estate planning incorporates various strategies to protect assets from probate or taxes, ensuring a smoother transfer to heirs rather than leaving it to happenstance.