Estate planning is an important aspect of long-term financial management that focuses on organizing, managing, and distributing assets in a structured manner. It helps individuals plan how their assets such as property, investments, savings, and personal belongings are handled during their lifetime and transferred to beneficiaries in accordance with their preferences. A well-considered estate plan may include tools such as wills, nominations, trusts, and power of attorney arrangements. These measures help ensure clarity in asset distribution, reduce the likelihood of disputes, and support a smoother legal and administrative process for beneficiaries. Estate planning also encourages individuals to document responsibilities and decision-making authority in the event of incapacity.