Estate planning involves developing a strategy to deal with your assets after you die - the legal instruments and structures, such as a will, you put in place to transfer your assets in the event of death.
(Source: Australian Taxation Office)
A Will is a document that states how you would like your assets to be distributed when you die, and the person or organisation you would like to be responsible for carrying out your wishes. Without a will, your state laws will determine how your property (or estate) will be divided.
Estate Planning may involve the following:
Developing an effective estate plan will ensure: any payable tax is minimised; the ownership of assets passes to the correct beneficiaries; and the assets are protected if any beneficiary has legal issues.
(Source: Australian Investors Association)