Estate Planning Essay

679 Words3 Pages
Estate planning is one of the most important steps any person can take to make sure that their final property and health care wishes are honored, and that loved ones are provided for in their absence. Though often overlooked or put off in favor of more immediate concerns, a comprehensive estate plan can resolve a number of legal questions that arise whenever anyone dies: What is the state of their financial affairs? What real and personal property do they own? Who gets what? Does a personal guardian need to be appointed to care for minor children? How much tax will need to be paid in order to transfer property ownership? What funeral arrangements are appropriate? Estate planning is the process of anticipating and arranging for the disposal of an estate. Estate planning typically attempts to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses. Guardians are often designated for minor children and beneficiaries in incapacity. Your estate consists of all property owned by you at the time of your death, including: real estate, bank accounts, stocks and other securities, life insurance policies and personal property such as automobiles, jewelry, and artwork. An experienced estate planning attorney can explain all options available to you in meeting your estate planning goals and fulfilling the needs of your loved ones -- whether you need to revise an existing will or create a comprehensive estate plan from scratch. An irrevocable trust gives its owners lots of asset protection. It can never be revoked and has its own tax number. If you are sued they can’t get the property held there. However when you put property in this type of vehicle, you are giving up ownership and control. Most Americans like to maintain control, so they opt for the living revocable trust. A living revocable trust

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