What Is Estate Planning?

Many people equate estate planning to the creation of a last will. In fact, estate planning should be viewed as a comprehensive, holistic endeavor. There are various different ways to transfer assets, and your estate plan should also include preparations for the eventualities of aging. Let s look at the details. Wills With a last will you can state your final wishes with regard to the distribution of your monetary resources. You can also nominate a guardian for minor children in your last will and a person to handle your affairs known as an executor. If you maintain direct personal possession of your property throughout your life and arrange for its distribution through the terms of a will, probate will be a factor. Probate is the legal process of estate administration. The executor that you name in your will must admit the will to probate before the heirs receive their inheritances. Probate is not inherently negative, but there are some drawbacks that go along with the process. It is
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