The word estate is colloquially used to refer toall of the land and improvements on a vast property,often some farm or homestead,or the historic home of a prominent family.
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What does an estate consist of?
Your estate consists of everything you own: your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions. No matter how large or how modest, everyone has an estate and something in common攜ou cannot take it with you when you die.
What is an estate account?
Grow Your Practice What Is an Estate Account? After someone passes away, their assets and debts will need to be accounted for and managed. One way to handle this is to have a separate bank account opened after the person death, which is referred to as an estate account.
What is an estate sale?
An Estate Sale, also called a Tag Sale in some parts of the country, is a way of liquidating the belongings of a family or estate. These are usually much more than garage or yard sales. They are used when someone is in need of a way to sell items due to downsizing, moving, divorce, bankruptcy,…
What is the purpose of an estate plan?
Estate planning is the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law. Next Up.