Business valuation
Legal & accounting fees
Executor/administrator expenses
An estate plan is important to preserve assets, ensure they are distributed according to your wishes, and minimize taxes. Your estate includes all property you own such as real estate, vehicles, bank accounts, retirement accounts, and life insurance. Assets transfer either directly by beneficiary designation, jointly with a spouse, through probate, or via a trust. Probate involves court supervision of distributing assets according to a will or state law and can be costly. Trusts avoid probate and provide lifetime management of assets. Estate settlement costs include funeral expenses, taxes, appraisals, legal and accounting fees.