Estate Planning Definition

estate planning definition

One estate planning definition goes something like this:

The process of arranging for the transfer of your property after death. 

Wikipedia gets it closer:

Estate planning is the process of anticipating and arranging, during a person’s life, for the management and disposal of that person’s estate during the person’s life, in the event the person becomes incapacitated and after death (https://en.wikipedia.org/wiki/Estate_planning)

That definition is just one piece of what estate planning is all about.  Here is more but perhaps not everything:

  1. Arranging for the orderly transfer of your property
  2. Protecting you during your lifetime
  3. Protecting your family during your lifetime
  4. Protecting your family after you are gone
  5. Protecting your money and affairs while you are living
  6. Ensuring and maintaining privacy of financial and personal affairs
  7. Avoiding probate

These are just the highlights of an estate planning definition.  You can probably come up with an even more comprehensive definition with some research.

See Also