Estate Planning
What is Estate Planning?
Preparing to manage your assets in the event of your incapacitation or death. The planning includes the inheritance of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an Estate Planner.
This involves planning for how your assets will be preserved, managed, and distributed after death. Assets that could make up your estate include houses, cars, stocks, paintings, life insurance, pensions, and debt. Everyone has various reasons for planning an estate, such as preserving family wealth, providing for surviving spouse and children, funding children and/or grandchildren’s education, or leaving their legacy to a cherished charity. The most basic step in estate planning involves writing a will.
Estate planning can also help you to limit inheritance tax by setting up trust accounts. You will want to establish a guardian for your living dependents and name an executor of your estate to oversee the terms of your will. You might want to leave gifts to certain people. Writing a will is the legal document that you create to provide the instructions on how you want your intentions carried out.