What Estate Planning Means

Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death.

What is the main purpose of estate planning?

Estate planning is the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law.

What is covered in estate planning?

What documents do you need for estate planning? Some of the most common documents include a last will and testament, power of attorney, living will, and health care proxy. Some people also need one or more trusts. Insurance policies could also have a place in your estate plan.