After reading this chapter, you will be able to answer the following questions: How does one engage in estate planning? What legal issues relate to wills? How are trusts used as estate planning tools? What end-of-life decisions are important from a legal perspective? How does international law protect wills? | Chapter 52 Wills and Trusts Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 52: Wills and Trusts Estate Planning (Definition): Process by which an individual decides what to do with his/her real and personal property during and after life 52- Estate planning is the process by which an individual decides what to do with his or her real and personal property during and after life. The Uniform Probate Code Guides states in developing laws related to estate planning 52- The Uniform Probate Code guides states in developing laws related to estate planning. 52- Important Estate Planning Tools Will: Legal document that outlines how a person wants his/her property distributed on death Trust: Allows a person to transfer property to another person; property used for benefit a third person Important estate planning tools include wills and trusts. A will is a legal document that outlines how a person wants his or her property distributed upon death. A trust allows a person to transfer property to another person, and the property is then used for the benefit of a third person. 52- Reasons Individuals Engage In Estate Planning To provide for their family financially after their death To reduce taxes and preserve wealth To promote family “harmony” To allow individuals in non-traditional family relationships to gain benefits of traditional family relationships Individuals engage in estate planning to provide for their family members financially after their death, to reduce taxes and preserve wealth, to promote family “harmony,” and to allow individuals in non-traditional family relationships to gain the benefits of traditional family relationships. Intestacy Statutes (Definition): Outline how a person’s property will be distributed if he/she dies without a will 52- Intestacy statutes outline how a person’s property will be . | Chapter 52 Wills and Trusts Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 52: Wills and Trusts Estate Planning (Definition): Process by which an individual decides what to do with his/her real and personal property during and after life 52- Estate planning is the process by which an individual decides what to do with his or her real and personal property during and after life. The Uniform Probate Code Guides states in developing laws related to estate planning 52- The Uniform Probate Code guides states in developing laws related to estate planning. 52- Important Estate Planning Tools Will: Legal document that outlines how a person wants his/her property distributed on death Trust: Allows a person to transfer property to another person; property used for benefit a third person Important estate planning tools include wills and trusts. A will is a
