Estate planning involves distributing assets of a person after death to people according to the wish of the person with minimum legal complications and least tax incidence. Estate planning is not just for the wealthy; nor is it something to be contemplated when you reach the ripe old age of eighty. You can watch the video at www.youtube.com/watch?v=V4OhsoAOXFI about the estate planning and its starategies for having better knowledge about the estate planning issues.
Anybody, irrespective of his age, with considerable assets and the desire to provide for dear ones even after death would be doing a great service by planning one's estate. And the best time to plan your estate is now when you are still alive and have the requisite mental health to make rational decisions.
An estate plan made during an illness affecting contracting capacity can be challenged, complicating matters for beneficiaries. Remember, death or a debilitating illness affecting your legal capacity to contract might strike you any day; therefore, you should prepare for that eventuality beforehand.
The first step in planning your estate is to take stock of all your material possessions (technically referred to as 'estate'), and then determine their value. Typical items comprising the estate include: house(s) and land; bikes, cars, planes and boats; cash-in-hand; savings accounts, pension accounts; certificates of deposits; stocks, bonds, and mutual funds; insurance and annuities; employee benefits; jewelry, furniture, art collections; ownership rights/interests in businesses; and claims against others. Mind you, the list is not exhaustive and your debts and obligations to others are also a part of your estate.