Definition
Planning documents (wills, trusts, powers of attorney) establishing how property is transferred at death.
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Estate planning minimizes taxes and probate costs, ensures property transfers as intended, and designates guardians. Essential for property owners.
Pro Tip
Engage attorney for proper estate planning; DIY plans create problems and undermine goals.
Example
Revocable living trust allowing property to transfer to heirs without probate, saving time and costs.