"What is an Estate?" is a common question among new clients. This brief video blog introduces the concept and provides a definition of an estate for you.
"What is an Estate?" is a common question among new clients. Your “Estate” is the sum of all assets you own or control in your individual capacity, minus all liabilities against you personally or against those assets.
The assets in your estate include Real Property (which are land or items affixed to land, such as your home, trees, or minerals in the ground) and Personal Property (your cars, pets, home furnishings, and essentially all your other property not affixed to land). Note that personal property also includes intangible assets such as bank accounts, 401k’s, certain rights to inherit from or control trust property, software subscriptions, and even your Facebook account.
What does and does not comprise your estate may not be apparent to an untrained eye. When developing your estate plan, make sure it takes into account all of your property in whatever form it exists.
Watching any of our video blogs creates no attorney-client relationship.We are Tax Lawyers who also practice Estate Planning Law.