Estate planning is crucial because it allows individuals to effectively manage and distribute their assets and affairs after they pass away. It enables you to outline your wishes regarding the distribution of your property, care for your dependents, and even make decisions about medical treatment in case of incapacitation. By engaging in estate planning, you can minimize family disputes and legal complexities, ensure your loved ones are provided for, and potentially reduce the burden of taxes and expenses. It provides peace of mind, knowing that your assets and affairs are in order and that your legacy will be managed according to your wishes.