Estate planning involves making plans for the transfer of your estate after death. Your estate is all the property that you own. It can include cash, clothes, jewelry, cars, houses, land, 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 guardians for minor children, if any.