Why should you make plans for your estate?

The purposes of estate planning are:

  1. to determine how your assets will be distributed following death;
  2. to minimize taxes upon death;
  3. to minimize taxes in advance of death where possible;
  4. to maximize assets during your lifetime.

Estate planning is a form of financial planning. In it, you need to address

  1. your personal assets and liabilities, and
  2. your business assets and liabilities.