Estate planning

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Estate Planning is the process of

    (1) Taking an inventory of all of the real and personal property that you own or in which you hold an ownership interest; then

    (2) Deciding how your property should be managed during your lifetime; then

    (3) Deciding how and to whom your property should be distributed out of your estate upon your death.

At the same time, a related aspect of estate planning involves planning for your health care if you become incapacitated and must rely on someone else (your Health Care Agent) to communicate with your medical providers.

Many people think that estate planning only means preparing a Last Will & Testament, or perhaps a Revocable Living Trust. But estate planning is much more involved and encompasses the preparation of a number of documents. Estate planning involves financial, tax, medical, and business planning, in addition to the preparation of a Last Will & Testament or a Revocable Living Trust.