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Estate planning provides you and your loved ones comfort in your time of need. Estate planning can reduce tax consequences, litigation and unnecessary expenses. Everyone has an estate, regardless of his/her capital, assets, property, or business interests.
Estate Planning is the process of anticipating and arranging for the disposal of an estate. Estate planning typically attempts to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses. Guardians are often designated for minor children and beneficiaries.
Estate planning involves the will, trusts, beneficiary designations, powers of appointment, property ownership (joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gifts, and powers of attorney. Specific final arrangements, such as whether to be buried or cremated, are also often part of the documents. More sophisticated estate plans may even cover deferring or decreasing estate taxes or winding up a business.
Proper planning will ensure that your heirs will receive a greater portion of what you have to leave them and that the persons you designate to receive certain effects will actually receive them.
If you do not make these decisions with an appropriate estate plan, the State will decide for you according to the laws of the jurisdiction where your assets are held. The State will accomplish this with no consideration for your wishes.