What is an estate?
An estate consists of all the property a person owns or controls, whether in his or her sole name, held in a partnership, in a joint ownership arrangement, or through a trust, and all other moneys that would be generated on the person’s death, such as through life insurance. It includes, but is not limited to: • real property and things attached to it; • all personal property, including automobiles, bank accounts, stocks and bonds, cash, furniture, jewelry, art, collectibles and retirement plan benefits; • all businesses, such as sole proprietorships, partnerships, corporations and joint ventures; and business interests, such as the goodwill, inventory, tools and equipment, accounts receivable and other business property; • life insurance, pension benefits, IRAs, 401Ks; and all debts and obligations owed to you by others. Thus, the size and complexity of an estate will vary based upon individual circumstances.
