During the lifetime of Jack and his wife, they acquired assets individually and as members of former marriages- During their marriage, they acquired more joint property, but his wife left all of her estate to her children- Upon his wife's death, Jack would have received the other half of their

What is Estate Planning?
Estate planning is the process of designating who will receive your assets in the event of your death or incapacitation.

Estate planning vs Living will:
Basically, an estate plan is a broader plan of action for your assets that may apply during your life as well as after your death. A will, on the other hand, dictates where your assets will go after you die, who will be the guardian of your children and more.