What is Estate Planning?

Estate planning is the process of arrnaging the transfer of assets in anticipation of death. Estate planning is important because it will help the beneficiaries get the maximum amount of wealth possible and flexibility for the individual prior to death. There are laws that govern the process and this is why you will need an Austin employment attorney to help you. If it has any problem, a person can contest in the future and make the whole estate planning process invalid.

 

An estate is the total property, both real and personal, owned by an individual before distribution through a will or trust. Real property is real estate while personal property is everything else that a person owns. Some examples of personal property include household items, car, bank accounts, art, etc. 

 

Wills and trusts are the common ways in which individuals can dispose their wealth to beneficiaries or heirs. Trust is usually preferred over wills because it is a good way of avoiding probate. A probate is a legal process that can cost a lot of money and take time and its main aim is distributing the estate of the deceased to the beneficiaries.

 

There are some people who usually make inter vivo gifts (these are gifts made while the donor is still alive). This is done to minimize the taxes to be paid.

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