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.
