What is Estate planning?

The purpose of estate planning is to efficiently dispose of a person's property upon death while taking into account the laws of wills, trusts, probate, insurance, real estate and taxes. it involves your assets and all the various forms of ownership and title that those assets may take. As you plan your estate, you will have to consider:

  1. What specific assets will be transferred to others
  2. When will those assets be transferred during your life, at your death, or sometimes after your death.
  3. Who will control your assets to your benefit if you are medically unable to do so, and how will they accomplish this.

Estate planning also addresses your individual needs, such as planning for your own personal and health care if you are no longer able to care for yourself.