Estate planning is the process, undertaken before your death, of ensuring that your money and property are given away as you would like. Without estate planning, you have no say in who inherits your money, your family may have to pay taxes, and probate could be more complicated and time-consuming than is necessary. The most common tools used in estate planning are wills, trusts, powers of attorney, and living wills. Other specialized tools may be used to avoid probate.