WHAT IS ESTATE PLANNING?
Estate planning is the act of preparing for the transfer of a person’s wealth and assets after his or her death. Assets, life insurance, pensions, real estate, cars, personal belongings, and debts are all part of one’s estate.

WHY HAVE ESTATE PLANNING?
An estate plan goes much further than a will. Not only does it deal with the distribution of assets and legacy wishes, but it may help you and your heirs pay substantially less in taxes, fees, and court costs. Most people with assets or a family should execute a will. However, not everyone needs an estate plan. Purpose of Estate Planning. … Specifically, estate planning allows an individual to decide exactly who will benefit from their estate, and to what extent. Estate planning also ensures that the estate will not be destroyed by taxes imposed on the transfer of assets at death.

Here are five aspects of end-of-life planning with which everyone with older loved ones should be familiar.
– Probate.
– A Will.
– Beneficiaries of Financial Assets.
– Revocable Trust.
– Power of Attorney.

BE PREPARED
Estate planning is the process of deciding what should happen to your assets if you should die or become incapacitated, and taking the steps to ensure your decisions can be carried out. A financial planner or professional and an estate planning attorney can help you design a plan that works for your circumstances. It stops Heirs From Overpaying In Taxes. Estate planning is all about protecting your loved ones, which means in part giving them protection from big tax hits. Essential to estate planning is transferring assets to heirs with an eye toward creating the smallest tax burden for them as possible.