estate planning investment & finance definition
Creating
an orderly plan to disperse a person’s assets upon the person’s death. Estate
planning involves writing a will, creating trusts, and consulting with a tax
planner to minimize estate taxes.
See estate planning in Wall Street Words
The preparation for the orderly administration and disbursement of a person's estate. The preparation includes taking actions that will minimize taxes and distribute assets to the appropriate heirs.
Why is estate planning important?
A well-drafted estate plan is your assurance that the taxes and costs associated with your death will be minimized. A good estate plan also keeps the process of settling your estate as simple and efficient as possible. Most importantly, your estate plan will ensure that your assets will be used to benefit the people or institutions that you choose, in the amounts that you choose.
Gloria Cole, Attorney, private practice, Weston, MA
Learn more about estate planning
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