What is an estate?

 

Your “estate” is everything you own: accounts, real estate, vehicles, investments, jewelry, furniture, retirement plans, and life insurance. An “estate plan” is the course you set to protect your estate during life and distribute your estate at death. Because people have different life circumstances, family dynamics, and goals for their estate, the terms of estate plans can vary widely. Some people have a family to protect, and so they focus on preserving assets and funds for spouses and children. Others do not have family, but are concerned about preserving funds to pay for long-term care in a nursing home if it were needed. Whatever your goals, you need a plan!