Provide security for an incapacitated heir. Assure continuity of farm, ranch, or other business. Provide educational opportunities for heirs. Assist heirs, including in-laws, to get started in business. Minimize estate and inheritance taxes and other costs of administration.
Name guardians, conservators, or trustees for minor children.
Provide means of paying expenses of estate settlement, taxes, and other debts. Transfer specific property to specific heirs. Make gifts to heirs and others during lifetime in order to reduce income and transfer taxes. Transfer property during life by installment sale. Provide for charitable bequests to a favorite charity or organization.