Estate Planning -

Estate planning is the process of anticipating and arranging, during a person's life, for the management and disposal of that person's estate during the person's life, in the event the person becomes incapacitated and after death. The planning includes the bequest of assets to heirs and may include minimizing gift, estate, generation skipping transfer, and taxes.Estate planning includes planning for incapacity as well as a process of 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 in incapacity.

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Will Planning - 

A will is a legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children. If you die without a will, those wishes may not be carried out. Further, your heirs may end up spending additional time, money, and emotional energy to settle your affairs after you're gone.

Wills can vary in their effectiveness, depending on the type, though no document will likely resolve every issue that arises after your death. Here's what you need to know about these vital documents.

Key Takeaways

• A will is a legal document that spells out your wishes regarding the care of your children, as well as the distribution of your assets after your death.
• Failure to prepare a will typically leaves decisions about your estate in the hands of judges or state officials and may also cause family strife.
• You can prepare a valid will yourself, but you should have the document witnessed to decrease the likelihood of successful challenges later.
• To be completely sure everything is in order, consider having your will prepared by a trusts and estates attorney.