Estate Planning FAQ – What is an Estate?
What is an Estate?
The property a person owns or controls at the time of his death is called his “estate.” The term “estate” can be: general (referring to all assets in which the decedent had an interest), particular to probate (the assets which were owned by the decedent individually), or particular to estate taxation (the assets includable on an estate tax return). These are the most common usages of the word “estate.”
Determining what constitutes the decedent’s estate can be a tricky matter. At Waltz, Palmer & Dawson, LLC we are glad to assist clients with understanding the differences between the various assets they have, and then take steps to plan for each asset, to carry out their wishes in the most efficient way possible.