The process of examining tax-related issues and finding ways to reduce taxes, including estate and gift taxes. This is often done with the aid by estate planning experts.
The process of planning your estate begins with a will and a trust. If you own property outright without a beneficiary designation or other governing agreement, your will will be able to determine how that property will be distributed after your death. In the event of a probate proceeding, your state’s court must still approve the transfer of property before it can be made. It’s the reason it’s important to write a will in advance of death. To avoid probate, many choose to make trusts instead of will. Although trusts can remain in place even after you die, probate will end eventually.
A majority of people do not think much about estate planning, often unaware of the process and not prepared for dying or becoming incapacitated. Estate planning offers many advantages. It can give you assurance that your plan is well designed, and can provide your directions.
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