Your estate essentially refers to the sum of your assets and liabilities.  Estate planning is the plan that you have put in place for the control and transfer of your estate in times of illness, disability or death.  

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When an individual passes away, his or her estate must go through the probate process which is handled through the court system. During probate, the court oversees the distribution of an individual's estate in accordance with his or her will if the individual had one.  If the individual did not have a will, then the court will follow legally set parameters to distribute the estate. 

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A trust is a popular estate planning tool.  A trust is a legal arrangement whereby a trustee ensures that your assets are managed according to your wishes both during your lifetime and after your death.  Trusts are popular because a properly set up trust allows the members of an individual's family to completely avoid the probate process and therefore stay out of the court system when transferring wealth upon a family member's passing.

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