*Estate planning has a primary goal reflecting the desires of the deceased individual, referred to as the decedent

*The assets of the estate are referred to as the principal or corpus of the estate

*Many individuals prefer to avoid the probate process for a number of reasons. The process takes time and money and probate documents are public.

*Estate principal or corpus consists of variety of assets that area to be measured at fair value , claims normally exist against such assets

*A charge and discharge statement is used to summarize the disposition of estate principal and income

*Summary of items affecting ( account debt /credit)