Estate Planning Summary

1. Estate planning involves the creation, conservation, and final dissolution of an estate according to the owner’s wishes and with a minimum shrinkage of estate assets. 

2. Reduction of taxes and administrative costs involved in estate transfers as well as provision for liquid funds to pay such expenses are important objectives of estate planning. 

3. Wills, trusts, and life insurance are the basic methods of estate transfer. Each, used correctly, can help to accomplish the above-named objectives. 

4. The life insurance agent initiates the estate-planning process by contacting potential clients. Thereafter, he helps them to analyze their income and liquidity needs and advises them as to how life insurance can best be used to meet those needs. However, he should avoid acting in the role of an attorney.