An estate is the property left by a person when he or she dies. That person is usually referred to as the decedent or, if a will exists, the testator.
Estate planning addresses the use, conservation, and disposition of an estate.
This is the process by which a person, while still living, plans for the transfer and disposition of his or her property after he or she dies.
A comprehensive estate plan allows a person to
• dispose of assets according to personal wishes.
• establish effective tax strategies.
• provide for oneself and family in the event of incapacity.
• obtain professional asset management services.
• select personal representatives.
• name guardians for minor children.
• maintain the privacy of personal information.
• provide protection for the beneficiaries of the estate.