Estate planning is the process of determining what to do with your property, including any rights, title, and interest you have in the property you own. As you plan, think about how you will accumulate the wealth, how you will retain its value, and finally how you will distribute your wealth after you die. During this process, think about how best to carry out these tasks effectively and efficiently, taking into account both tax and non-tax objectives.
You can browse online to know how to get started to write your wills. Estate planning and financial planning share many of the same issues, including income tax planning, investment planning, insurance planning, and retirement planning.
There are three main goals in estate planning:
1. Preserving wealth passed down from previous generations.
2. Use wealth as you please throughout your life.
3. After your death, bequeath as much of this wealth as possible to your heirs in a suitable form.
There are several keywords that are unique to estate planning. A will is proof of who is entitled to receive the property if the testator does not explain this before his death. An heir (male) and heir (female) refer to people who leave a valid will when they die. A will is called an heir if there is no will. Partial will means that a will does not legally dispose of all assets.