Estate planning involves taking steps to protect assets so they can be passed along to heirs upon death. The kind of planning required depends on the type of assets that are owned. Some possessions can be transferred by filling out a simple form while others involve more complex steps.
One of the most important estate planning strategies is writing a will and testament. This document is used with probate estates and trusts. Wills provide information about who should receive inheritance property.
The most important reason to engage in estate planning is to avoid probate. Probate is required to record a person's death and settle their estate. Having a Will is essential for expediting the probate process. Anytime a person dies without leaving a Will, their possessions are given to heirs in accordance with state probate rules.