What is estate planning?

Estate planning is a way of ensuring that a person’s assets and wishes are taken care of after their death. In estate planning, the person is able to create a plan for the distribution of their assets and affairs of their estate. The plan is usually written down, and is legally binding. Estate planning is done not only to ensure that the person’s wishes are followed once they have passed away, but also to minimize taxes and other fees that may be due as a result of the death. In Delaware, estate planning usually involves the drafting of a last will and testament. This document outlines the wishes of the deceased person as to how their estate is to be handled when they are gone. It is a legally binding document that must be in accordance with Delaware state law in order to be valid. Additionally, documents such as a living will, power of attorney, and medical directives may be included in an estate plan. These documents give the person control over how their assets and affairs are handled before they pass. Estate planning can be a complicated and confusing process, so it is always advised to seek the help of a qualified attorney who is familiar with the estate planning laws of Delaware. An attorney can help you understand the estate planning process and ensure that your wishes are followed once you are gone.

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What is estate planning?

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