Estate Planning Definition

Estate planning is a generic term referring to the overall planning of a person’s wealth, usually with a particular emphasis on what will happen to aggregated wealth after the owner dies. The strategies selected during estate planning are usually summarized in the owner’s legal will. Estate planning can become quite complicated and must take into account tax consequences and legal complications, which vary enormously from state to state. If you are interested in estate planning it is almost certainly in your best interests to consult with a professional estate planner.