The process by which an individual decides what to do with his or her real and personal property during and after life is known as ________.

A) Life planning
B) Estate planning
C) Probate succession
D) Allocation planning
E) Asset allocation

Estate planning is the process through which an individual arranges the management and disposal of their estate during their life and after death. This can include the creation of wills, trusts, and other arrangements to ensure the individual's wishes are followed and to potentially minimize taxes and legal complications.