Estate planning is the broader, ongoing process of organising your financial and legal affairs so that your assets are managed and distributed exactly as you'd want, both during your lifetime (in case of incapacity) and after your death. It typically involves several tools working together — a Will, nominations on various accounts, and sometimes a Power of Attorney or trusts for more complex situations.
Good estate planning isn't just for the very wealthy — anyone with a bank account, investments, or property benefits from having clear instructions in place, since it prevents unnecessary confusion, legal hassle, and potential family disputes for your loved ones during an already difficult time. It's a good practice to revisit your estate plan periodically, particularly as your assets grow or your family situation changes over the years.