An estate is the total value of everything we own – and business and personal assets can add up quickly. Everyone has an estate; and realize it or not, everyone also has an estate plan. An estate plan can be designed by clients and their professional advisers to achieve the client's personal and financial objectives. Or, it can be an arrangement imposed upon survivors by state intestate succession laws if someone dies without a valid, up-to-date will. Even though a will is the most basic estate planning tool, two out of three Americans die without one.*
A comprehensive estate plan can arrange the ownership, management, and distribution of your assets in ways that meet your needs and objectives while minimizing estate shrinkage. Without such a plan, whatever you may think is going to happen to your estate after you're gone probably won't.
Estate Settlement & Distribution
Estate transfer is a privilege that can be exercised only by following specific legal procedures designed to protect the rights of the deceased's heirs. Estate settlement, as this process is called, involves the assigned executor making an inventory of the person's business and personal assets, paying all debts and claims against your estate, identifying the legal heirs of the remaining estate assets, and distributing those assets accordingly.
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