Estate planning is the process of accumulating and disposing of an
estate to maximize the goals of the estate owner. The various goals of
estate planning include making sure the greatest amount of the estate
passes to the estate owner's intended beneficiaries, often including
paying the least amount of taxes and avoiding or minimizing probate
court involvement. Additional goals typically include providing for and
designating guardians for minor children and planning for incapacity.
Probate is the legal process of settling the estate of a deceased
person; specifically, resolving all claims and distributing the
Avoiding Probate generally lasts several months, occasionally over a
year before all the property can be distributed, and incur substantial
court and attorney costs. One of the many ways to avoid probate is to
execute a Living Trust
What is a Will
In the common law, a will or testament is a document by which a person
(thetestator) regulates the rights of others over his or her property or
family after death. For the devolution of property not disposed of by
will, see inheritance and intestacy In the strictest sense,
"will" is a general term, while "testament" applies
only to dispositions of personal property (this distinction is seldom
observed). A will is also used as the instrument in a trust.
A living trust (revocable living trust or inter vivos trust) is a type
of trustcreated for the purpose of holding ownership to an individual's
assetsduring the person's lifetime and for distributing those assets
What is a Living Will
living trust (revocable living trust or inter vivos trust) is a type of
trustcreated for the purpose of holding ownership to an
individual'sassetsduring the person's lifetime and for distributing
those assets after death.
A power of attorney for health care appoints an individual (a proxy) to
direct health care decisions should the principal be unable to do so.