Estate planning is the process of planning for the dispersal and liquidation of a person’s assets upon his/her death.
Estate planning is used in order to reduce loss of value of the deceased’s estate and belongings by reducing taxes and further costs. A common goal of estate planning is to pass property to loved ones in the quickest and least expensive manner. Many devices are involved in the process of estate planning. Some of these devices include wills, trusts, powers of appointment, gifts, beneficiary designations, and property ownership.