Your estate includes everything you own—bank accounts, investment accounts, retirement plans such as 401(k)s or 403(b)s, real estate, vehicles, jewelry, and family heirlooms. Effective estate planning strategies outline your wishes for how these assets should be managed and distributed after your passing. It can also help ensure you are cared for as you age or in the event of illness or incapacity. Without a plan in place, your family may face uncertainty and added stress during an already difficult time.