BU223 Lecture Notes - Lecture 12: Estate Planning, Testator, Tax Bracket
Document Summary
This chapter begins with the importance of estate planning. The goal of estate planning is to assure that the estate"s assets go to the rightful heirs in a timely, orderly and tax efficient manner. The legal aspects of estate planning are discussed The structure of wills, the selection of an executor, and altering or rewriting a will is discussed next, the purpose and types of trusts are introduced. The chapter is concluded with an explanation of how estates are settled and the associated costs. They think about and plan for the future. Yet a large percentage of people do little or nothing to provide for those who will survive them. According to the webster"s dictionary, an estate is the assets and liabilities left by a person at death, i. e. , their net worth at death. Estate planning is a definite plan for the administration and disposition of one"s property during one"s lifetime and at one"s death. (cid:149)
