Local Law Firms Home > Probate & Estate Planning Wills Overview > Estate Planning An estate is the total property, both personal and real, owned by someone prior to distribution through a will or trust. Real property is real estate and personal property includes anything aside from real estate, for example household items, cars, and other assets. An estate can also include bank accounts, life insurance policies, stocks and other securities, and more. Estate planning distributes the real and personal property to an individual's heirs. It is the process by which a family or individual arranges the transfer of property, money, and other assets before death. Estate planning is one of the most vital things an individual can do to ensure that their assets and health care wishes are honored, and their family is provided for after their death. The goal of an estate plan is to preserve the maximum amount of assets possible for the intended heirs. A big concern for those in the process of estate planning is state and federal tax law.
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