Explain how psychological impediments may be a barrier to proper estate planning. Describe the stages in the estate planning process. Identify the various types of professionals on the estate planning team, and explain how their respective functions complement each other. Self-Test Questions Answer true or false. Refer to answer pages for correct answers.
Estate planning is concerned only with the conservation of existing assets.
Until the mid-19th century, society had no provisions for the orderly disposition of property at death. The most prevalent influence on current laws relating to estate planning in the United States has been English common law. Intestate succession laws generally provide for the distribution of property in accordance with a decedent's wishes. If a person dies intestate and leaves no relatives, the decedent's property will revert to the state. A legally competent person may amend his or her will at any time.