What does Estate Planning mean? Read on to discover the definition & meaning of the term Estate Planning - to help you better understand the language used in insurance policies.
Estate planning is the process of preparing a legal structure for the disposition of current and future assets upon the incapacitation or death of an individual. The estate plan can cover wills written to beneficiaries, family trusts, bequests of assets to heirs, estate tax implications to beneficiaries, and the power of attorney. In terms of life insurance, the estate plan involves protecting the estate and beneficiaries of your estate from the costs, fees, transfer charges, taxes, and other legal expenses incurred upon the death of the policyholder.
We hope the you have a better understanding of the meaning of Estate Planning.