Estate Planning Law
Estate planning is the preparation of tasks that serve to manage an individual's asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes.
Estate planning is planning for your estate while you are alive and well, if you become incapacitated, and after your death. It involves the management of your assets while you are still alive and the distribution of those assets after you die. This planning allows for the orderly administration and disbursement of your estate, and includes taking actions that will minimize taxes and distribute assets to the appropriate heirs.
Your estate consist of all your property, which includes your house and other real estate; tangible personal property; and intangible property, like insurance, bank accounts, stocks and bonds, pensions, etc.
The elements of an estate plan include a will; assignment of power of attorney; a living will or health-care proxy; and for some people, a trust.