Estate Planning Strategies for John and Sarah

John and Sarah are a married couple with two young children. They have accumulated a significant amount of wealth through their careers and investments. Recently, they have started considering their estate planning options to ensure that their children and beneficiaries are taken care of in the event of their passing.

Discuss the key steps John and Sarah should take in their estate planning process. Be sure to include considerations related to wills, trusts, and any potential tax implications that may affect their estate.