Estate Planning is the branch of law which arranges a person's property and estate, taking into consideration the laws of wills, taxes, insurance, property, and trusts in order to gain maximum benefit of laws while carrying out an individuals specific wishes for the disposition of his/her property upon death.
An estate is both real and personal property owned by an individual prior to distribution through a Trust or Will. Real property is defined as real estate including houses, lots, unimproved land, timeshares, rental property, and personal property, including vehicles, household items, jewelry, and bank accounts.
Estate planning is the process by which an individual or family appoints a personal representative who will properly handle the transfer of assets in anticipation of death or incapacity. The purpose of an estate plan is to preserve the maximum amount of wealth possible for the intended beneficiaries and minimize tax consequences.
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