Knowing what you have is a must! Look at the following assets to see what your estate consists of. You may have more than you think.
Most Common Estate Assets:
All the property that a person owns is a part of his or her estate. Common estate assets include:
- Real estate and improvements
- Banking and investment accounts
- Personal items (for example, clothing, furniture, artwork, jewelry, autos, etc.)
- Retirement plans, pension plans, and IRAs
- Life Insurance
- Future Inheritances
- Business interests
As you review this list and identify the items that are included in your list of assets, you can see that there is monetary value in each of these categories. If you have ‘t already prepared your list of assets, our estate planning checklist will enable you to see what your assets are and be helpful to you when speaking to a qualified estate planning attorney.
When reviewing your assets, you will also need to determine which of your assets are considered community property and which assets are considered separate property. An estate plan disposes of your one-half community property and all your separate property. If you are married, you and your spouse should both have estate plans.
For additional information on how to protect your estate assets, request our free book, Do I Really Need a Will?