What is Estate Planning?

The definition of an estate is “all assets owned by an individual at death, to be distributed according to the individual’s will” or a court ruling if there is no will.

Estate Planning is the process of organizing your assets and legal documents to meet your goals before and after your death. The goal, after death, is typically to pass the maximum estate to our heirs. Property owned at death is transferred either by will and probate, or by trust.

The owner of an estate has a great deal of freedom in determining how an estate is to be distributed. Exceptions include disinheriting one’s spouse, unless a prenuptial agreement was executed. Children also have special “homestead property” rights. The law safeguards the descendant’s wishes through “Probate of an Estate.”

With the help of an O.W.D estate-planning lawyer, you can create an estate plan with ease.