Estate Planning

What is estate planning?

Estate planning is the process of organizing the transfer of your assets in the event of your death. Estate planning prepares for the preservation of the amount of wealth that you will be leaving for the intended beneficiaries and the ability of being able to change beneficiaries prior to your death. Estate planning will involve the preparation of a Last Will and or a Revocable Trust so that you can designate your beneficiaries and to help you reduce your estate tax liability. Estate planning will help to eliminate the uncertainties over who is going to handle your estate and to get the most out of your estate by reducing the tax burden when you die.

What are the benefits of estate planning?

The benefits of having an estate planning checklist is this type of life planning can give you the peace of mind knowing that your estate will be protected and your loved ones will be well provided. When you have the right estate plan in place, it can help to reduce or avoid estate taxes, income taxes, and capital gains taxes. By having an estate plan in place, you will know that your estate will go to the right beneficiaries without the drawn out process of probate. Ultimately, estate planning will allow you to decide who the right person is to manage and take care of your estate.