Your estate consists of everything you own: your home, personal property, car, land, stocks and bonds, life insurance and any other property in which you have an ownership interest. Estate planning is a plan for how you will acquire property, use it, conserve it and, perhaps most importantly, how it will be transferred upon your death. There is no way to determine your wishes regarding distribution of your property after your death unless you take appropriate steps prior to your death. Estate planning can be beneficial no matter what the size of the estate.
You can read more about it in the Kansas Resource Guide for Seniors, page 55.