Estate planning

Common card · No. 409575

Estate planning or inheritance planning is the process of anticipating and arranging for the management of a person's estate or net worth during the person's life in preparation for future incapacity or death. The planning includes the bequest of assets to heirs, loved ones, and/or charity, and may include legal tax avoidance. Estate planning includes planning for incapacity, reducing or eliminating uncertainties over the administration of a probate, and maximizing the value of the estate by reducing taxes and other expenses. The estate owner's specific goals determine the ultimate goal of estate planning and may be as simple or as complex as the owner's wishes and needs dictate. Guardians are often designated for minor children and beneficiaries with incapacity.

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