What Is an Estate—and What Is Included in It?
Nobody wants to think about it, but at some point in your life, it’s good to start thinking about having your affairs in order once you are gone. It may not be pleasant to deal with end-of-life arrangements, but knowing you have your estate in order and your family will be taken care of after you are gone can be quite comforting.
When it comes to your “estate,” what is it? And what is included in it?
Before you give your Schaumburg estate lawyer Robert M. Kaplan a call, let’s take a look at what an estate encompasses.
The Definition of Estate
An estate includes all of the property you own, including proceeds from any life insurance policies, retirement plans, and the like. The entirety of your estate of the total of all your assets before deducting any debts.
The Assets Included in an Estate
Any kind of tangible property—things you can physically touch—you own is included in your estate. These can include any of the following:
Any kind of intangible property—things you cannot by physically touched—you own is also included in your estate:
- Financial investments
- Insurance policies
- Interests in a family business, partnerships, and the like
- Retirement plans
- Stock options
Any kind of real property is also included in your estate, such as your land, your home, and any rental properties you own.
When you work on your own estate planning, you will want to keep an accurate inventory of everything included in your estate. When you die, the value of your estate is an important factor as far as how much your estate will be taxed. You will also want to use the value of your estate as a way of minimizing how much it is taxed upon your death.
Call Our Schaumburg Law Firm
Get your affairs in order before it’s too late with your estate lawyer in Schaumburg. Call us today!