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They want to make estate planning simple, accessible, and affordable for all Americans, meaning you can make sure your loved ones know, understand and have input on exactly what your plan is ...
From power of attorney to wills and trusts — here's how to prepare for end-of-life care and estate taxes.
Estate planning is the process of anticipating and arranging for the management and disposal of a person's estate during the person's life in preparation for future incapacity or death. The planning includes the bequest of assets to heirs, loved ones, and/or charity , and may include minimizing gift, estate, and generation-skipping transfer taxes .
The ownership of a life estate is of limited duration because it ends at the death of a person. Its owner is the life tenant (typically also the 'measuring life') and it carries with it right to enjoy certain benefits of ownership of the property, chiefly income derived from rent or other uses of the property and the right of occupation, during his or her possession.
An administrator (sometimes known as the administratrix, if female) acts as the personal representative of the deceased in relation to land and other property in the UK. Consequently, when the estate under administration consists wholly or mainly of land, the court will grant administration to the heir to the exclusion of the next of kin.
Trusts are a helpful estate planning tool for avoiding probate, financially providing for minor children, and managing assets for individuals who cannot do so themselves. Power of attorney .
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