Estate planning manages the distribution of your estate during your lifetime and after your death. It includes bequeathing assets to heirs, loved ones, or charities, and minimizing taxes such as gift, estate, and generation-skipping transfer taxes. Estate planning also prepares for potential incapacity, simplifies probate, and maximizes estate value by reducing expenses. Your specific goals shape the plan, which may include designating guardians for minor children and beneficiaries with special needs.