What is estate planning
Estate planning is the process of preparing for the transfer of an individual’s wealth and assets after death. This involves creating wills, trusts, and other legal mechanisms to ensure that the individual’s wishes are fulfilled and to minimize potential legal complications and taxes.
Key components of estate planning
Key components of estate planning include drafting a will, establishing trusts, designating beneficiaries, and planning for estate taxes. Each component serves to protect assets, provide for loved ones, and ensure a smooth transition of wealth.
