Estate planning arranges for the transfer of an individual personal property after death. This may involve a will and/or trust, or the application of state intestacy laws.
Estate planning allows an individual to decide exactly who is going to benefit from their estate and to what extent. It also ensures that the individuals estate will not be destroyed by taxes imposed on the transfer of assets at death.
A guardian is a person appointed by the court to make healthcare and other non-monetary decisions for someone who is not able to do so themselves because of injury, illness or disability.
Inheritances are not consider income for federal tax purposes, whether you inherit cash, investments or property. Any subsequent earnings on the inherited assets are taxable however, unless it comes from a tax-free source.
A probate is the process of proving to a probate court that the will is genuine.
If court appoints someone to take care of financial matters or medical and personal decisions, that person is considered the "conservator".