Estate planning is the process of anticipating and arranging, during a person's life, for the management and disposal of the person's estate during his life and/or after minimizing compliances, cost and complexities. Estate planning includes planning for incapacity as well as a process of reducing or eliminating uncertainties over the administration of a probate and maximizing the value of the estate by reducing taxes and other expenses. This is achieved through WILL's, formation of Trusts, mediation and advance directives.
Written document by which a person directs how estate including obligation are to be managed & distributed upon death through appointment of executors/guardian to administer the estate.
Legal entity created by a person (the Settlor) through which the trustee's holds the right to manage the Trust fund or property for the benefit of the beneficiary or as mentioned in the Trust deed.
Mediation serves as an alternative to litigation to settle disputes. It allows people to manage the issues and design a plan that will minimize the chance of future family conflict and meet respective goals.
An estate plan may include the creation of advance directives, documents that direct what will happen to a person's estate and in relation to their personal care if the person becomes legally incapacitated.
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