identify the steps in estate planning process

The property you own in your own name that can be transferred according to the terms of a will (or under intestate laws, if you have no valid wili) is your estate. By contrast, all property you own at the time of your death, including all property that might be subject to federat estate taxes (for example, life insurance plans, jointly held property with rights of survivorship, and property passing under certain employee benefit plans, is your estate). Planning Process List all your assets and determine the ownership and value of your estate. Ide Assess your family situation and set estate planning goals. 1. 2. 3. Designate the beneficiaries of your estate's assets. 4. Formulate and implement your plan. 5. 6. Review the plan periodically and revise it as necessary. 7