What Is An Estate?

An estate planning lawyer knows that most people don’t want to think about their departure from this earth. So surely, writing an estate plan isn’t always at the top of their to-do list, simply because it isn’t a fun thing to tackle. But thankfully, there are professionals who can help you get started, keep you going, and see that your legacy is protected. We know that what you’ve built is worthy of being passed down to future generations, so let us help!

Perhaps now more than ever, especially with a global pandemic, we are viewing and thinking about our lives more deeply. This is causing us to seriously assess what we want to leave behind. Part of preparing for our death entails establishing a legally-binding estate plan. 

What is an estate?

Essentially, an estate is where you keep all of your assets, belongings, Investments, and money. The term estate may seem like a word that is used only to describe the wealthiest people, but in fact, everyone regardless of their financial status has an estate. For instance, your estate can be your vehicle, home, furniture, art collections, bank accounts, collectibles, family heirlooms, and everything else you own. An estate plan will protect an estate, along with ensuring that the assets are distributed based on the decedent’s wishes. An estate plan may have several documents, including:

  • A Will
  • A Living Will
  • Power of Attorney
  • Trust

Do I need an estate plan?

As a estate planning lawyer knows, there are numerous excuses people may use to avoid getting started on their estate plan. For one, maybe they think that they don’t need an estate plan because they don’t have enough money. But as stated above, anyone no matter what their financial situation is can likely benefit from an estate plan. Secondly, most people don’t want to think about a time when they are separated from those they love most. Establishing an estate plan comes along with accepting the fact that we are all mortal, and have to take steps to protect the life and legacy we have built.

How can I get started?

Many people get started writing their estate plan by first thinking about the possessions they have, and then considering who they want to have them after passing away. Begin by writing a list of everything you own, both tangible and intangible belongings. Examples of tangible assets are items like your house and car. By comparison, intangible assets can be things like a retirement account or bonds.

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