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|Legal Subjects > Estate Planning|
WHAT IS AN ESTATE ?
An estate consists of all items of a person's or entity's property considered as a whole whether in his or her name, held in partnership or through a trust and all other monies generated on the person's death. It's the assets and liabilities left by a person at death.
An estate includes :
WHAT IS ESTATE PLANNING ?
Estate planning is a rational plan for yourself and your loved ones without giving up control of your affairs. It is a legal effective arrangement for the disposition and management of one's estate at death through the use of wills, trusts or other devices.
A will is the hear of any estate plan, but the estate plan may rely upon insurance, gifts and annuities, trusteeship arrangements, special types of contracts and other devices to accomplish the testator's purpose. Good estate planning is not just a simple will.
Thus, it will be in your interest to consult a lawyer for professional advice. Estate planning is not only for those with multi-million dollar estate.
WHY DO I NEED AN ESTATE PLAN ?
An Estate plan will achieve maximum realization of the testator's objectives - which include provision of financial management for the benefit of a surviving widow and children, appointment of trustees or guardians for children and selection of executors and a trusted adviser.
Your estate planning sets up contingency planning to meet your goals and allows you to plan for your disability and direct the distribution of your property upon your death.
With an estate plan you can control all your property, giving what you own to whom you want to receive it, the way you want them to receive it and when you want them to receive it in the event of disability or if you die.
It also provide instructions for your health care matters in the event of your disability where you are unable to give directions. Estate plan also allows you to leave explicit instruction for the care of your loved ones and create protective trusts for your children.