Estate planning is the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law.

How do I talk to my family about estate planning?

Here’s how to make the conversation happen with your parent or parents.

1. Don’t put it off.
2. Ask if your parents are working with an estate planner, or help them find one.
3. Plan the conversation, and find a reason to talk about it.
4. Make sure the whole family is involved and knows the plan.

Does estate planning include retirement planning?

Retirement planning relates to the time you will have after reaching a certain age and exiting the work force. Estate planning, on the other hand, relates to a time that you either become incapacitated or die. Retirement planning is broader and should include a comprehensive estate plan.

What is the difference between retirement and estate planning?

Insuring what you have means finding the best way to protect it. Retirement planning, on the other hand, means finding the best way to protect the life that you’d like to be living after you stop earning income from employment. Estate planning involves protecting what you have even after your death.

What are some estate planning tools?

Wills, trusts, powers of attorney, living wills and life insurance can work together to help you plan your estate.

What is estate conservation?

Activities coordinated to provide for the orderly and cost-effective distribution of an individual’s assets at the time of his or her death. Estate conservation often includes the use of wills and trusts.