Overview of Estate Planning

Estate planning is a complex subject.  However, there are only three (3) methods by which assets can be distributed to heirs after a person dies.  As a result, estate planning is easier to understand based on how property is distributed rather than on how documents are drafted.

The three (3) methods by which assets can be distributed to a deceased person's heirs are: probate, beneficiary registration, or trust.  A single item of property can never be distributed using more than one method.  Therefore, the types of estate plans are limited by the methods used to distribute property.  More information about the methods used to distribute assets to a deceased person's heirs can be found in this section: Distributing Assets to Heirs.

Three types of (3) complete estate plans are used to match the methods of asset distribution mentioned above: Primary Estate Plan, Probate Avoidance Plan, and Living Trust Plan.  Each of these plans is based upon one of the methods used to distribute assets.  Review this section for more information about each type of estate plan: Complete Estate Plans.

The diagram below illustrates the estate planning options for non-taxable estates (assets less than $5 million for a single person, and assets less than $10 million for married couples):