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What is Included in My Estate?

Your estate consists of all property or interests in property which you own. This means that the furniture which you own (regardless of whether or not you own your home or rent an apartment) is part of your estate. Your estate also may consist of money held in bank accounts, stocks or bonds, real property (including your home), life insurance or retirement benefits.

The value of your estate is equal to the "fair market value" of each asset that you own, minus your debts which include a mortgage on a home. In general, "fair market value" may be thought of as the present value of an asset or the cost of currently purchasing or otherwise acquiring an asset. In assisting you with your estate plan, your attorney will need to know about the property which you own and its value. The value of your estate is important in determining whether, and to what extent, your estate will be taxed after your death and the resources which you will have available in the event of your incapacity.

To help you with your estate planning, your lawyer also will want to know about your current financial situation and how your financial status might change in the future, particularly after you retire. Your lawyer should review your important personal papers and records, including any existing will, deed to real property, pre- or post-marital agreements and federal and state income tax returns. Your lawyer also will need to know about any pension and profit-sharing plans in which you participate, any business or insurance you own, and the mortgages and other debts which you may owe.

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