What is typically included in the estate planning process?

The estate planning process primarily focuses on creating a strategy for the transfer of an individual's assets and properties upon their death. This includes determining how assets will be distributed, who will be responsible for managing the estate, and what legal instruments will be used to ensure that the individual’s wishes are carried out. Creating arrangements for property transfer is a fundamental aspect of estate planning, as it encompasses wills, trusts, and other methods to ensure that assets are allocated according to the individual's desires.

While documenting financial assets is important for a comprehensive estate plan, it serves more as a means to facilitate the property transfer arrangements rather than being the central purpose itself. Generating tax bills is not typically a focus of estate planning; instead, the process often seeks to minimize tax liabilities for heirs. Additionally, scheduling probate hearings pertains to the legal process that occurs after someone passes away, rather than the proactive steps taken during the estate planning phase. Thus, focusing on the arrangements for property transfer addresses the core objectives of estate planning effectively.