The overall planning of a person's wealth is estate planning. All of the assets owned or controlled by a decedent and the debts that were the responsibility of the decedent at the time of deceasedís death are included in estate planning. Estate planning includes the preparation of a will and the planning for taxes after the individual's death. In order to meet a personís goals with respect to preparing for incapacity and death, numerous factors such as financial, estate law, insurance, investment, and tax implications must be taken into consideration.
Usually, estate planning includes;
creation of a will;
limiting estate taxes by setting up trust accounts in the name of beneficiaries;
appointing a guardian for living dependents;
appointing an executor of the estate to oversee the terms of the will;
making funeral arrangements; and
establishment of annual gifting to reduce the taxable estate.