1. Estate Planning
Estate planning refers to making
decisions regarding the possession
of the property and assets after a
person’s death.
Basics
2015 2016 2017
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
another party.
04 Beneficiary - Person who inherits the property from the
grantor.
05 Estate
Transfer
Process by which the assets are transferred to
another person.
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Property owners
Who Needs Estate Planning?
People owning assets in multiple states
Small business owners
A person who becomes incapacitated
Persons willing to reduce taxes
Hire An Attorney
Decide Assets
Pick Heirs
Create A Plan
Update If Required
The Process
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www.kingfirm.org
King & King
330 N. Main Street,
Kaysville, UT 84037
Phone: (801) 543 - 2288