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Estate planning encompasses the management of property, financial, and business affairs, with a focus on meeting client objectives for asset distribution and the well-being of dependants. Effective plans also account for unforeseen events such as bankruptcy, divorce, or mental incapacity.
A well-structured estate plan balances the needs of beneficiaries while maintaining family harmony. As it involves financial, legal, and tax considerations, estate planning is typically carried out with the support of professionals such as lawyers, accountants, trustees, and tax advisers.