Host: What is estate planning?
William Conway: Well, estate planning is really life planning. Most people think about estate planning as death planning and of course that is a component. Clearly people want to make sure that they understand to whom their property is going and the way it is going in the circumstances or death, but estate planning is far more than that. Estate planning deals with life planning. It deals with what happens to my property in the circumstance of my incapacity or disability. What happens to my property in the circumstance that I might be otherwise unable to direct it because I am on in extremely long trip or perhaps it is simply inconvenient for me for whatever reason to control my assets.
It also deals with life planning of what would happen with those assets in the circumstance of my death when it moves on to others. I can help others by directing those assets to make sure that it is protected for them from any creditors, any predators, divorce and subsequently, from certain forms of taxation. So, estate planning is life planning.