Estate planning law governs the process of arranging the administration or transfer of a person’s estate in anticipation of incapacitation or death. An estate plan comprises a collection of documents that includes a last will and testament, power of attorney, trust, and health care directives. Despite the importance of estate planning law in protecting family assets and the interests of dependents, a 2023 study found that only a third of Americans have an estate plan.
The following estate planning law guide highlights the basics you need to know, answering what is estate planning, who are the parties to an estate plan, what are the must-have documents, and a list of additional frequently asked questions. Depending on the size of a person’s estate, the estate planning law process can be daunting. If a person has assets in multiple states or other matters that complicate the process, that person may benefit from consulting with an estate planning law firm.