Estate Planning is the management of someone’s assets or belongings while the person is still living. Estate Planning also provides for an organized distribution of assets after the death of a person. Estate planning provides the management and administration of the distribution of property and personal assets.
There are three levels of estate planning: A will, a living trust and intestate succession. A will provides direction and is a statement of command in the voice of the deceased that dictates asset allocation. A living trust is a form of estate planning that helps to manage the assets of a person who is still alive. A living trust provides clear instruction about end of life medical care, distribution of assets, etc. in the case of incapacitation. Living trusts are usually revocable. An intestate succession occurs when there is no will or living trust and the state must then decide how to distribute assets. Intestate successions are avoidable by using probate lawyers to create a will or living trust.