Estate Planning

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 process of preparing one's assets for one's death. Estate planning involves matters such as writing a will in order to designate beneficiaries, or who will receive one's assets following death. It may also involve setting up trusts in such a way as to reduce estate tax liability. Estate planning is especially important if one is wealthy and has a large number of assets of which to dispose or if one has minor children who will need tending in the event of the parent's untimely death. Estate planning is an ongoing process. See also: ChFC, CFP, Life Insurance.

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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