Some people think that they do not have an estate, and therefore do not need to do estate planning. The truth is that regardless of wealth, everyone has an estate. Virtually everyone should do some kind of estate planning.

An estate consists of all the property a person owns or controls, whether in their sole name, in partnerships, in joint ownership arrangements, or through trusts, and all other moneys that would be generated on the person’s death, such as through life insurance. Estates include, but are not limited to:

• real property and things attached to it;
• all personal property, including automobiles, bank accounts, stocks and bonds, cash, furniture, jewelry, art, collectibles and retirement plan benefits;
• all businesses, such as sole proprietorships, partnerships, corporations and joint ventures; and business interests such as inventory, tools and equipment, accounts receivable and other business property;
• life insurance, pension benefits, IRAs, 401Ks; and
• all debts and obligations owed to you by others.
  

Thus, the size and complexity of an estate will vary based upon individual circumstances. To take stock and create a plan is the first step, and the experts at Warren Steinborn Associates can help you design estate planning to suit your needs.

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