Interestingly, if you research the word estate the first definitions are - plantation, land, park, domain, manor, lands, property.
Later definitions are - worth, wealth, assets, holdings.
Basically, estate is the whole of a person’s property, possessions, and capital.
The root of the word tells us much - "rank, standing, condition," from Anglo-French astat, (Old French estat)… "state, position, condition, health, status, legal estate" and from the Latin status "state or condition, position, place; social position of the aristocracy,"
But an estate does not mean being an aristocrat or having great wealth.
The law considers an "estate" to mean all of the property a person owns, both outright and jointly. This comprises things like physical property/land/house, bank accounts, stocks, bonds, vehicles, jewelry. An estate is also a person’s retirement accounts and things that are payable into the future, like insurance plans and proceeds, retirement income, and collections (which may only have sentimental value) as well as, for example, the rights to copyrighted material, intellectual material and personal correspondence.
And an estate need not be physical. We now talk about a person’s ‘digital estate’ and bitcoin has given a whole new meaning to digital assets. (I have written frequent articles about digital assets - available on my website (www.attorneybarbaradalvano.weebly.com) in the Archive Section).
An estate plan comprises any and all possessions that a person perceives as having value and wishes to pass to future generations. This also encompasses charitable giving and donations along with aspects of tax planning and preserving assets.
Another equally important reason to have an estate plan in place is to fulfill your wishes when you are no longer able to do so. If you are incapacitated (temporarily or permanently) there would be a plan in place so that a loved one has clear direction and guidance to carry out your wishes and the legal authority to do so.
Further, if you have minor children (or someone with special needs), the estate plan considers their future needs as well. They can be taken care of if you are not able to do so. Even pets can be incorporated into estate planning.
Estate planning is so much more than planning for death. Rather, it is more like planning for life. Having an estate plan is actually a way to ensure that your future and the future of loved ones are handled according to specific instructions.
It is a mechanism to safeguard assets into the future and to carry out your wishes…and it is not only for ‘wealthy’ individuals.
Working To Preserve Your Wealth and Protect Your Future…in a Constantly Changing World
Please read my full Disclaimer and How I Can Help You
Visit my website – www.attorneybarbaradalvano.weebly.com for over 260 articles and printable infographics