Estate Planning

Estate planning refers to the preparation of tasks that manage an individual's financial situation in the event of their incapacitation or death. This planning includes the bequest of assets to heirs and the settlement of estate taxes and debts, along with other considerations like the guardianship of minor children and pets. Most estate plans are set up with the help of an attorney experienced in estate law. Some of the steps include listing assets and debts, reviewing accounts, and writing a will. Estate planning tasks include making a will, setting up trusts, making charitable donations to limit estate taxes, naming an executor and beneficiaries, and setting up funeral arrangements. A will gives instructions about property and the custody of minor children. Various strategies can be used to limit taxes on an estate, from creating trusts to making charitable donations. Estate planning can and should be used by everyone, not just the ultra-wealthy.