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What is Estate Planning?
Estate planning involves making plans for the transfer of your estate after death. Your estate is all the property or assets that you own. Assets can be immovable assets such as real estate, land and landbanks or it movable assets which includes cash, clothes, jewelry, cars, retirement, investment and savings accounts, etc. Estate planning usually has several objectives and goals. They include:
- Making sure most of the estate is transferred to your beneficiaries
- Paying the least amount of taxes on your estate
- Assigning legal guardians for minor children, if any
Some important terms to know for estate planning purposes includes:
Wills: A will is a legal document that lays out the fate of your property after your death. It states who receives your property and in what amounts.
Trusts: A trust is an arrangement where you entrust property to one person or an organization. The person or trustee is taxed with managing the property on behalf of your beneficiary or beneficiaries.
Power of Attorney: Power of attorney gives a person or organization the legal power to handle your affairs when you're unable to do so. The person or organization you appoint is referred to as an "attorney-in-fact" or "agent."
Estate planning involves making plans for the transfer of your estate after death. Your estate is all the property or assets that you own. Assets can be immovable assets such as real estate, land and landbanks or it movable assets which includes cash, clothes, jewelry, cars, retirement, investment and savings accounts, etc. Estate planning usually has several objectives and goals. They include:
- Making sure most of the estate is transferred to your beneficiaries
- Paying the least amount of taxes on your estate
- Assigning legal guardians for minor children, if any
Some important terms to know for estate planning purposes includes:
Wills: A will is a legal document that lays out the fate of your property after your death. It states who receives your property and in what amounts.
Trusts: A trust is an arrangement where you entrust property to one person or an organization. The person or trustee is taxed with managing the property on behalf of your beneficiary or beneficiaries.
Power of Attorney: Power of attorney gives a person or organization the legal power to handle your affairs when you're unable to do so. The person or organization you appoint is referred to as an "attorney-in-fact" or "agent."