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There are many facets to Estate Planning, but they all revolve around taking care of our loved ones, as well as ourselves. For example, the only document that allows us, and not the court, to decide who takes care of our children after we pass, is the Will. The Trust, on the other hand, allows us to give an inheritance to our loved ones in such a way that it will not go to waste, and one can attach conditions to it.
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As much as we plan and prepare, there are just some things we cannot expect. It is this human element that makes the best plans go askew. When plans go awry it is important to be able to protect you legacy. Sometimes it is a disgruntled beneficiary who feels short changed. Unless properly blended, a second or third marriage will almost inevitably end up in front of a probate court. This is why it is important to plan properly beforehand.
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Estate Administration is just as important as Estate Planning. Estate Administration is the actual distribution of the assets of a loved one's Will or Trust. Generally, it is considered the collection and management of one's estate. This may be a bit more problematic if a loved one passed on without leaving a Will in place, but even with an estate plan in place, all the assets will eventually need to be collected for proper distribution.
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