Without a comprehensive estate plan, the work you've done during your life, both at your job and with your investments, can be lost or given to unintended beneficiaries.

The purpose of estate planning is to prepare for the transfer your assets to your loved ones upon your death. Estate planning allows you to specify where each of your assets goes upon your death. Deciding who are the beneficiaries, what each will get, and how to execute those transfers with the minimum tax consequences, while making sure that the estate has enough liquidity to meet its obligations.

Estate planning used to be only for the very wealthy. But even middle-income earners who do a good job investing throughout their lifetimes can benefit from estate planning. It doesn't matter how much you have, it's important to understand the basics of estate planning so that your financial and charitable goals are met even after you're gone.