[caption id="attachment_2262" align="alignright" width="150" caption="Photo by woodleywonderworks"][/caption] Estate planning addresses lifetime needs like permanent mental or physical disability and post-death arrangements. The objectives are unique to the individual but generally include: - Distribution of property in accordance to one's wishes - Sufficient liquidity to pay off debts - Appointment of executors - Security for dependents - Contingencies The 4 step process: (1) Determine goals (2) Preparation of plan (3) Implementation of plan (4) Reviewing of plan Determine Goals A lot depends on one's attitude towards security, philanthropy, risk, work and money. Important areas to consider are: - Any known problems with a particular property (Do not leave the burden behind) - Unresolved family issues (Relationship problems, children from other relationships, etc) - Financial security for dependents - Views towards chartiy - Attitude about extraordinary life sustaining medical treatment - Contingencies in the event of mental or physical incapacity Preparation Of Plan The following tools are used for the plan Read more...