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In recent years, “estate planning” has become one of the more popular financial catchphrases; and, rightfully so. Estate planning encompasses the management of assets while alive in order to help ensure the proper disposition of those assets at death. In some situations, it can also include strategies to minimize taxes and maximize asset transfer to heirs.

Life insurance is present in almost every estate plan and serves as a source of support, education-expense coverage, and liquidity to pay death taxes, pay expenses, fund business buy-sell agreements and sometimes to fund retirement plans.

When assets are not titled correctly, your property might not pass to your intended heirs.

You can easily draft your own will through one of two methods: type it yourself on a computer or typewriter, or create one through an online program. Although handwritten wills are permitted, creating a formal, typed document is less likely to cause trouble.

When planning your estate, you may consider setting up a revocable living trust. A properly managed revocable living trust can provide unique benefits; however, it does not completely replace a will.

By engaging in some simple estate planning, you can protect your privacy as well as ease the management of your estate after your death. After all, digital assets are today’s shoeboxes of photos, letters, and other mementos. Planning can preserve your legacy in its digital form.

The key to successful estate preservation is planning. So, don’t put it off. Consider taking these important steps now.

Writer Chuck Jaffe learned the power of planning from his brother, who suffered from a rare disease that eventually took his life.

The careful planning of an estate requires a great deal of expertise. If you surround yourself with a professional, supportive team as you begin the process, work through its many stages and adjust your plans over time, you assure yourself—and those you love—that the future will be secure for all.

Whether you are Bill Gates, Warren Buffet, or just an ordinary Joe, the gifting principles, tax benefits, and philanthropic rewards of charitable giving can be relatively the same, regardless of how large, or how small, your gifting program.