Definition of "Estate Planning"

The process of developing a plan that will increase and maintain the financial security of an individual and family by arranging for the conservation and transfer of one\'s wealth. This process is often accomplished by a team of professionals which may include an attorney, an accountant, a life insurance agent, a trust officer and a financial planner.

The process of developing and implementing a master plan that facilitates the distribution of your property after your death according to your goals and objectives.

This is the management of ones estate to mitigate the liability of inheritance tax. It is also the process of ensuring that the right people are bequeathed the right money at the right time. All this can entail as little as writing an effective will right through to the setting up of specialist trust to ensure the minimum of Inheritance tax is due to be paid at death and also to minimize the impact of probate or dying intestate.