How Do You Define Estate Planning
How Do You Define Estate Planning What Is Estate Planning? Basically, estate planning is the process of preparing a will and other documents, such as living trusts, powers of attorney, and beneficiary designations. The documents can also help to reduce the expenses associated with probate. In addition, a thorough estate plan will ensure that you are able to leave your assets to your loved ones. Living trusts Creating a living trust is an effective way to avoid probate. It also provides additional control over how assets are transferred after you die. The trust allows the holder to specify who will be responsible for the care of any minor children. The trust can be amended or revoked at any time. A living trust can be used to help a parent pass on assets to a child who is still a minor. Parents can require the child to attend college or meet other reasonable requirements. If you are unsure whether a living trust is right for you, seek advice from an estate planning lawyer. They ca...