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What Is An Estate?

 
Thomas Curtiss Jr.
Meet the Expert
Rodi-Pollock
  • What is an "estate"?
  • What types of property make up my estate?
  • How can I figure out what my estate is worth?
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Estates & Trusts
 Estate Planning Basics 
  1. Thomas Curtiss Jr.
  2. What is involved in estate planning? 
  3. Why do I need an estate plan? 
  4. Do I need an attorney or other professional to plan my estate? 
  5. How should I begin the estate planning process? 
  6. What is an "executor"? 
  7. Who should I consider when naming my executor? 
  8. How is an executor compensated? 
  9. Why do banks and insurance companies have an interest in estate planning? 
  10. Where should I store the documents memorialized in my estate plan? 
  11. How do debts figure into my estate planning? 
 Wills 
  1. Thomas Curtiss Jr.
  2. What are the minimum provisions an effective will contains? 
  3. At what age do I need to write my will? 
  4. What happens to my possessions if I die without a will? 
  5. What is a "beneficiary"? 
  6. Can I exclude someone from my estate? 
  7. What do parents of minor children need to consider when drafting a will? 
  8. How often does a will need to be updated? 
  9. Does a will have to be prepared by an attorney for it to be considered legal? 
  10. Do I need to sign my will in front of witnesses? 
  11. What are the most common reasons wills are challenged? 
  12. What is an example of a mistake made while writing a will? 
 Probate 
  1. Thomas Curtiss Jr.
  2. What is a "probate"? 
  3. What is the probate process? 
  4. How long does probate take? 
  5. Does the probate process differ from state to state? 
  6. How expensive is the probate process? 
  7. Is there a way to avoid probate? 
 Trusts 
  1. Thomas Curtiss Jr.
  2. What is a "trust"? 
  3. Are there different types of trusts? 
  4. What are "revocable" and "irrevocable trusts"? 
  5. What are the greatest benefits to having a trust? 
  6. Who, theoretically would want a "revocable trust"? 
  7. Who would want an "irrevocable trust"? 
  8. How should I select a trustee? 
  9. Can I change my trustee? 
  10. Are there any downsides to establishing a trust? 
 Estate And Trusts: Power Of Attorney 
  1. Thomas Curtiss Jr.
  2. What is "power of attorney"? 
  3. When is it necessary to grant power of attorney? 
  4. How long does "power of attorney" last? 
  5. What is a "durable power of attorney"? 
  6. What do they call a person who has power of attorney? 
  7. How can I ensure that my attorney-in-fact's decisions will be honored? 
  8. At what point in time is the power granted to the attorney-in-fact? 
  9. What is guardianship? 
  10. Can I cancel a "power of attorney"? 
  11. How do I choose an attorney-in-fact? 
 Health Care Power Of Attorney 
  1. Thomas Curtiss Jr.
  2. What is a "health care power of attorney"? 
  3. How do various legal health care documents differ? 
  4. How do health care powers of attorney differ from general powers of attorney? 
  5. Do I need separate attorneys-in-fact for my medical and business affairs? 
  6. What should I consider when naming an attorney-in-fact for health care? 
  7. When does health care power of attorney go into effect? 
 Federal Estate Tax 
  1. Thomas Curtiss Jr.
  2. What are "Federal estate taxes"? 
  3. What are "inheritance taxes"? 
  4. How is the Federal estate tax determined? 
  5. Who is exempt from Federal estate taxes? 
  6. How can I legally reduce the potential taxes on my estate? 
 Gift Tax 
  1. Thomas Curtiss Jr.
  2. What is a "gift tax"? 
  3. What are the current laws regarding gift tax exemptions? 
  4. What is the appropriate way to document gift giving? 
  5. What are some ways a person might lessen their taxable estate? 
 Anatomical Gifts 
  1. Thomas Curtiss Jr.
  2. What are "anatomical gifts"? 
  3. How do I become an organ donor? 
  4. What happens if my family contests my decision to donate my organs? 
 Estate And Trusts: Elder Issues 
  1. Thomas Curtiss Jr.
  2. What are "entitlement programs"? 
  3. How does entitlement income fit into my overall estate plan? 
  4. Can my Social Security income be taxed? 
  5. How do I protect my assets before moving to a nursing home? 
What Is An Estate? (Now Playing)
  1. Thomas Curtiss Jr.
 Types Of Wills 
  1. Thomas Curtiss Jr.
  2. What is a "will"? 
  3. What is a "simple will"? 
  4. What is a "holographic will"? 
  5. What is an "oral will"? 
  6. What is a "joint will"? 
  7. How do I determine which type of will is appropriate for my circumstances? 
Thomas Curtiss Jr. Mr. Thomas Curtiss Jr.
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Transcript

What Is An Estate?

What is an "estate"?

I think most people would say an estate consists of property that a person can dispose of. I think that's a fair definition for most purposes. Real estate, cash accounts, securities account, personal property, insurance, pension accounts and such, are assets that they can dispose of, and are those aspects that make up an estate.

What types of property make up my estate?

Your estate will consist of all property that you own in your own name. That property will include real estate, cash accounts, tangible personal property, vehicles, and other assets that people often overlook such as insurance on their life, and pension accounts where they have a beneficiary designation. You and any person who wishes to establish a state plan can consider all of those assets in terms of disposition.

How can I figure out what my estate is worth?

What you would have to do in order to value your estate, firstly, is to list all of your assets. Don't forget any assets; the obvious ones are real estate, cash accounts, and any retirement accounts you have. There may be other assets that you won't even expect have any place in this valuation process, like that little partnership interest, or your furniture, furnishings and personal effects. All of that is includible. Each project of valuation, if you want to do it right, can require the retention of a professional appraiser.

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