Estate planning is the process of anticipating and arranging for the management and disposal of that person's estate while minimizing gift, state and federal estate tax, generation skipping tax, and income tax. Estate Planning involves the drafting of Wills, various Trusts (revocable, irrevocable, testamentary, life insurance trusts, "Bypass" trusts, "QTIP" trusts, asset-protection trusts and others, to accomplish various goals), as well as drafting various ancillary estate planning documents such as Financial Power of Attorney and Advance Medical Directive. In general, your estate is comprised of all the things you own. For example, you likely have cars, a house, property, life insurance, retirement funds, bank accounts, furniture, and more. An estate plan is a guideline of how you want your items handled after death. Among benefits for establishing estate planning now are: