What is the primary goal of estate planning?

The primary goal of estate planning is to arrange for asset distribution upon death. This process involves making decisions about how and to whom your assets will be distributed after your passing, ensuring that your wishes are honored and that your loved ones are taken care of in accordance with your intentions. Estate planning also helps to minimize potential disputes among heirs and can provide clarity regarding your assets.

By effectively planning your estate, you can designate beneficiaries for your assets, set up trusts, or outline specific methods for distributing your wealth that can also address issues such as maintaining privacy and preventing delays in asset transfers. This goal considers not just the distribution itself, but also any related strategies for managing your estate's affairs in a way that reflects your values and needs for your family.

Accumulating more wealth or minimizing investment risk pertains to different financial strategies and does not directly relate to the fundamental aims of estate planning. While avoiding taxes may be a consideration in the context of estate planning, it is not the primary objective; rather, it is about ensuring a smooth and deliberate transfer of your assets according to your wishes.