Estate planning entails planning for distribution of your assets upon your death. Estate planning can also include providing for the care and control of minor children, documenting your wishes for end of life care through living will directives, and giving authority to trusted relatives or other third parties with powers of attorney. Estate planning can be accomplished in numerous ways through wills, in life transfers, and trusts. Estate planning can often be simple and straightforward but it is sometimes complex.
Estate administration and probate is the legal process through which a decedent’s probate assets (i.e., assets that do not pass by contract such as life insurance, accounts with beneficiary designations, survivorship property, etc.) are transferred to their heirs.