Question: What is an estate?
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Answer: Your estate is the total of all property you own or control. Even if you do not own the property in your name, you can possess an ownership interest through a trust, partnership, or joint ownership. Any property or money which becomes available upon death, such as a life insurance payment, is also part of your estate.
Typical portions of an estate include:
- Real estate and buildings.
- Personal property including cash, furniture, vehicles, stocks, art, etc.
- Life insurance and other financial instruments.
- Business interests or partnerships.
- Claims, including personal injury claims.