What is Estate Settlement in Estate Planning?
Estate planning is the process of accumulating and disposing wealth before death of an individual or estate owner. The most important goal of estate planning is to make sure that the greatest amount of the estate is passed to the estate owner’s intended beneficiaries while paying the least amount of taxes. Choosing an executor will ensure that someone whom you trust will perform the duty of estate settlement upon your death. I. Definition Estate settlement is also known as an estate administration. It is a form of handling a deceased person’s assets by appointing an executor. If the deceased did not leave any testamentary disposition then the dispositions can be proceeded. II. How it works Estate settlement includes the following: 1) Testamentary dispositions Written or holographic wills have to apply to the court for probate before assets can be gathered by the executor, and only most recently it will have legal value. Any testamentary trusts in the will must be closely examined and r
