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Estate Planning is the process of anticipating and arranging for the disposal of an estate during a person’s life. Estate planning typically attempts to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses Estate planning is the process of legally structuring the future disposition of current and projected assets.
Estate planning is an ongoing process and should be started as soon as one has a measurable assets base.Lack of adequate estate planning can cause undue financial burdens to loved ones.
Estate planning process include creation of will, Limiting estate taxes by setting up trust accounts in the name of beneficiaries, Establishing guardian for living dependents and setting up of durable power of attorney.