UK Accounting Glossary
Estate planning is a process of planning for efficient handling of the estate in the event of the owner’s death. Estate planning includes administration, disposition, and distribution of an individual’s property and assets. Another facet of estate planning is establishing trusts and various other fiduciary relationships. Perhaps the most well-known aspect of estate planning is preparing a will, which will include heirs, or beneficiaries, to the owner’s assets. The tax costs commonly associated with the transfer of wealth can be quite high. Thus, prudent estate planning, regardless of personal net worth, is always advised. Executing far-sighted estate planning will ensure optimal disposition of assets and minimize tax burdens, such as estate, income, and trust taxes. If no proper estate planning is in place when death occurs, the distribution of property may become a matter of state law.
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This glossary post was last updated: 9th February 2020.