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Estate Planning Basics

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Estate Planning Basics

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  1. Estate Planning Basics Estate planning refers to making decisions regarding the possession of the property and assets after a person’s death. Terminology Terminology 01 Estate - All the assets and liabilities of the descendants that are distributed according to the will. 02 Property - Real property (land, structures, minerals) and personal property (automobiles, jewelry, bank accounts etc.) possessed by the descendent. 03 Grantor - The person who transfers his/her property to 2016 another party. 2015 2017 04 Beneficiary -Person who inherits the property from the grantor. 05 Estate Transfer Process by which the assets are transferred to another person. - Who Needs Estate Planning? Property owners People owning assets in multiple states Small business owners A person who becomes incapacitated Persons willing to reduce taxes The Process Hire An Attorney Decide Assets Pick Heirs Create A Plan Update If Required King & King Brought To you By www.kingfirm.org 330 N. Main Street, Kaysville, UT 84037 Phone: (801) 543 - 2288

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