Estate planning is the process of developing a comprehensive plan for the effective management of financial, personal and health care issues while alive and upon death as well as the regular review and revision of the plan once implemented.
Various different professions use the term “estate planning” including: law, accounting, financial, and insurance. The phrase does not belong to any one profession exclusively as they all have a role to play to ensure the best possible results for clients. Estate planning is a multi-discipline project.
The materials on this site are presented from the legal prespective unless specified otherwise. The legal estate planning process is about planning the proper structuring for the disposition of the testator’s property in a tax-effective manner that protects the interests of the transferor and recipient including how ownership of property is held. The dispositions can be inter vivos or testamentary and either outright or in trust. It also involves addressing the need for ongoing management of financial, personal and health care issues. The legal aspects of estate planning are not confined to drafting documents such as Wills, trusts and powers of attorney. It extends to appropriate beneificiary designations and how ownership or title to property is maintained and related issues such as family law and shareholder or other business agreements.