When we say estate planning, we are referring to a process of determining the things that will happen to your estate which includes the following: the interests that you have in the property you own, the titles of your estate as well as the rights you have for your estate. Now, if you are going to prepare a plan, it is vital and essential on your end to consider the accumulation of your property, the ways you want to conserve its value and also, the ways you want to distribute your estate right after your death. Throughout the whole process, you have to make it a point to consider all the best ways to efficiently and effectively accomplish all these tasks while keeping non-tax and tax objectives into consideration.
Another thing about willestate planning that you should know of is that it shares some similar concerns with financial planning like retirement planning, income tax planning, insurance planning as well as investment planning. Estate planning has three main objectives, and these are as follow: to preserve the wealth that has been passed down from past generations; to use the said wealth as you desired during your lifetime and to pass on to your heirs the most significant possible amount of the supposed wealth right after your death. Other than that, there are still more that you have to know regarding estate planning, such as the keywords that are unique to it. These keywords will be introduced in details below:
The first word that we have here is probate, and when we say probate, we are referring to a process by which the entitlement of the property will be given to the rightful heir right after it is proven that he or she is the right one. Another unique estate planningterm that we have here in our list is testator (about male), and testatrix (about female) is a reference to individuals who leave a valid will before their death. We also have intestacy, which is a term that defines an estate if there is no will left for it. Partial intestacy refers to a process in which the will did not effectively dispose of all the assets a person may have after his or her death.
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