estate planning

Estate Planning

The overall planning of a person's wealth, including the preparation of a will and the planning of taxes after the individual's death.

Notes:

Contrary to popular belief, estate planning involves much more than preparing a will, and it is not only for the rich!

Almost three quarters of Americans die without any sort of estate planning.

See also: Estate, Estate Tax, Will

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Estate planning

The preparation of a plan to carry out an individual's wishes as to the administration and disposition of his/her property before or after his/her death.

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estate planning

The preparation for the orderly administration and disbursement of a person's estate. The preparation includes taking actions that will minimize taxes and distribute assets to the appropriate heirs.

Why is estate planning important?

A well-drafted estate plan is your assurance that the taxes and costs associated with your death will be minimized. A good estate plan also keeps the process of settling your estate as simple and efficient as possible. Most importantly, your estate plan will ensure that your assets will be used to benefit the people or institutions that you choose, in the amounts that you choose.

Gloria Cole, Attorney, private practice, Weston, MA