What is an Estate and why do I need Estate Planning?
An Estate is comprised of both Real and/or Personal property. Real Property is generally defined as something that is fixed permanently to one location, including land and anything that is built on the land. Personal Property tends to include possessions of most any kind as long as those possessions are movable and owned by someone.
Examples of Real Property:
- Your Home
- Commercial Buildings
- Land that is in your name
- Mineral Rights
- Crops
Examples of Personal Property:
- The clothes on your back
- Jewelry
- Furniture
- Vehicles
- Electronics
In general, most people over the age of 18 do have an Estate of some sort. Some people think the word Estate means you’ve got to be financially wealthy or rich and famous, but that’s not true. What matters are the assets that you own.
When we talk about Estate Planning and why you might need Estate Planning, most people do benefit from an Estate Plan. Having one gives you complete control over your assets. When you pass away, you get to decide who gets what, and you also help the people that you’re leaving behind because everything has a plan.
There are many different levels of Estate Planning from very simple Estate Plans to extremely complex Estate Plans. It all depends on the type of assets you have, how much the assets are worth, and exactly what you want to happen to those assets.
If you want to talk more about similar Estate Planning topics, contact us for your complimentary consultation.
