Estate planning has two parts. The second part of estate planning consists of:

Question

Quizplus · Accepted Answer

The second part of estate planning is transferring your estate in the manner you have specified, which may include creating a will, setting up trusts, designating beneficiaries, and making other arrangements for your assets and property after your death. Building your estate, evaluating your assets and liabilities, and buying life insurance are all important components of estate planning, but they are part of the first phase of estate planning, which involves accumulating wealth and protecting your assets while you are alive. Choosing an attorney may also be an important aspect of estate planning, but it is not necessarily an essential part of the second phase of estate planning.

Estate Planning Has Two Parts