Pearls of Knowledge:
Key Points of Estate Planning
Estate planning involves determining how an individual’s assets will be preserved, managed, and distributed after death or in the event they become incapacitated.
Estate planning tasks include making a will, setting up trusts and/or making charitable donations to limit estate taxes, naming an executor and beneficiaries, and setting up funeral arrangements.
A will is a legal document that provides instructions on how an individual’s property and custody of minor children (if any) should be handled after death.
Various strategies can be used to limit taxes on an estate, from creating trusts to making charitable donations.
Estate planning can and should be used by anyone—not just the ultra-wealthy.