What defines an estate?

The word “estate” conjures up visions of luxury items: a palatial home, multiple cars, and other pricey items accumulated in one’s lifetime. But this really isn’t the true meaning of “estate”. An estate by definition is simply one’s net self worth. It is the sum of someone’s assets. For those with obviously significant assets, creating a will is something in the forefront of their minds and taken care of early on. But the majority of us really don’t think in those terms. We should. Whether those assets are few or many, it is amazing how quickly they can destroy a family when it comes to settling an estate.

Take a moment to think of what would happen if you were suddenly in a debilitating or fatal accident. What would it take for someone else to step into your life and settle all the day to day responsibilities and obligations that you deal with in your lifetime?

It’s also important to know that many of the assets you have now are not passed on by a will. Laws vary from state to state on who gets what when someone passes. This is why it’s critical that you educate yourself on how the law works in your state and what you need to do for yourself and for others to assure that you don’t pass on unnecessary burden to those left to deal with estate matters.

Whether you’re considering your own estate plans or dealing with a relative’s estate, you need to know all the facts and you need to have a plan to protect you, your family and your family’s future. Call us today. We’re here to help.