Which of the following is a purpose of estate planning?

The purpose of estate planning primarily revolves around personal wishes regarding the distribution of assets after death. By creating a well-structured estate plan, individuals can specify who receives their property, how it should be divided, and even set conditions on those distributions. This ensures that their intentions are honored and can help prevent disputes among heirs. Having a clear estate plan can also provide peace of mind, knowing that loved ones are taken care of according to one's wishes after they pass away.

While tax considerations can be a part of estate planning, the aim is not solely to avoid taxes at all costs. Furthermore, while it's good practice to update an estate plan when significant financial changes occur, creating a new will for each change is typically impractical and unnecessary. Lastly, ensuring that no debts are paid contradicts the intent of responsible financial management, as outstanding debts generally need to be settled from the estate before assets can be distributed to beneficiaries.