Effective estate planning is crucial for managing and distributing assets according to your wishes after death. Key steps include creating a will, establishing a trust, designating beneficiaries for financial accounts, assigning a power of attorney, and setting up a healthcare directive. Regularly review and update your estate plan, consider tax implications, and keep documents organized. Communicating your plans to loved ones helps prevent misunderstandings. A comprehensive plan ensures your wishes are honored and your family is cared for.