| Wills, trusts and estates |
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| Part of the common law series |
| Wills |
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Sections Property disposition |
| Trusts |
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Common types Other types
Governing doctrines |
| Estate administration |
| Related topics |
| Other common law areas |
Estate planning is the process of anticipating and arranging for the management and disposal of a person's estate during the person's life in preparation for a person's future incapacity or death. The planning includes the bequest of assets to heirs, loved ones, and/or charity, and may include minimizing gift, estate, and generation-skipping transfer taxes.[1][2][3] Estate planning includes planning for incapacity, reducing or eliminating uncertainties over the administration of a probate, and maximizing the value of the estate by reducing taxes and other expenses. The ultimate goal of estate planning can only be determined by the specific goals of the estate owner, and may be as simple or complex as the owner's wishes and needs directs. Guardians are often designated for minor children and beneficiaries with incapacity.[4]
- ^ Moses, A. L.; Pope, Adele J. (1979). "Estate Planning, Disability, and the Durable Power of Attorney". South Carolina Law Review. 30: 511. Retrieved 20 September 2017.
- ^ Veasey, Westray B.; Craig G. Dalton Jr.; Poyner Spruill LLP (May 24, 2013). "Why You Need an Estate Plan Post 2013 Tax Act". The National Law Review. Retrieved 26 May 2013.
- ^ Laterman, Kaya (25 August 2017). "Estate Planning: Leaving a Home to Heirs While You're Still Alive". New York Times. Retrieved 20 September 2017.
- ^ Frolik, Lawrence A. (1978). "Estate Planning for Parents of Mentally Disabled Children". University of Pittsburgh Law Review. 40: 305. Retrieved 20 September 2017.