What is Estate Planning?

Estate Planning is the preparation of a plan to carry out an individual’s wishes as to the management, administration, transfer, and disposal of the individual’s property, assets during the lifetime of a person and/or after death. #EstatePlanning also covers the management of personal affairs in the event of incapacity.

Simply put, Estate planning entails the following

1. Making a plan in advance and naming whom you want to receive your assets either before or after you die.
2. A process that involves people – yourself, your family, other individuals, and, in many cases, charitable organizations of your choice.
3. Management, administration, and disposal of assets (property) and the various forms of ownership and title that accompany these assets
4. Addressing future needs when you are unable to do it yourself.

Read Also: Who Needs Estate Plan and What Are Its Tools

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