Estate planning involves arranging for the management and disposal of an individual’s estate during their lifetime and after death. Through estate planning, individuals can ensure that their assets are distributed according to their wishes, minimize estate taxes, designate guardians for minor children, and provide for the management of their affairs in the event of incapacity.
One aspect of estate planning is the creation of a will, which outlines how an individual’s assets will be distributed upon their death. Estate planning also involves the use of trusts, which can provide greater control over the distribution of assets, minimize probate costs, and offer privacy.
With comprehensive estate planning, individuals can ensure that their wishes are respected, their loved ones are provided for, and their legacy is preserved according to their intentions.