Copied and pasted by Daniel Powell
There are five main goals of estate planning:
Live life fully: Living your life fully means providing not only for yourself (and your spouse and family, if you are married), but providing for others according to your values. Living life fully also means preparing for the possibility that you may become unable to provide for yourself, your family, and others.
Pass on your property to others according to your desires: In order to pass on your property according to your desires, you must provide for both administration (someone to do the paperwork and ensure that your desires are completed) and disposition (the decision of who gets what) of the assets.
Provide for guardianship of children who are still minors: For most parents, the issue of guardianship is one of the most crucial decisions of the estate-planning process. Who will raise your children should you die?
Avoid probate if desired, or use probate strategically: Probate is the legal process by which an asset’s title is transferred.
Decrease or eliminate taxes: Through proper estate planning, you can decrease or eliminate the taxes that must be paid on your estate.
Live life fully: Living your life fully means providing not only for yourself (and your spouse and family, if you are married), but providing for others according to your values. Living life fully also means preparing for the possibility that you may become unable to provide for yourself, your family, and others.
Pass on your property to others according to your desires: In order to pass on your property according to your desires, you must provide for both administration (someone to do the paperwork and ensure that your desires are completed) and disposition (the decision of who gets what) of the assets.
Provide for guardianship of children who are still minors: For most parents, the issue of guardianship is one of the most crucial decisions of the estate-planning process. Who will raise your children should you die?
Avoid probate if desired, or use probate strategically: Probate is the legal process by which an asset’s title is transferred.
Decrease or eliminate taxes: Through proper estate planning, you can decrease or eliminate the taxes that must be paid on your estate.
The article goes into much greater depth. The whole article is available for viewing HERE
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