Your estate consists of all of the assets that belong to you; these estate assets may have a positive balance and add to the value to your estate, or they may have a negative balance amount and diminish the value of your estate.
Given that there are no loans or other negative balances, the following estate assets will add value to your estate:
– Actual Money: Cash, checking and savings accounts
– Certificates of deposit
– Your investment portfolio: stocks, mutual funds, and bonds.
– Your retirement funds: pension funds, 401(k), IRAs, and any other money reserved for retirement.
– Profit-sharing funds with employer
– Your possessions: your house, vehicles, boats, equipment, livestock, furniture, household appliances, jewelry, other valuables, etc.
– Insurance products, especially life insurance
– Your business: any funds or ownership interest of your business
– Annuities that you have coming to you
– Home equity
– Anything else that you consider valuable, both sentimentally and monetarily.
Estate assets that carry a negative balance and will usually diminish the value of your estate are:
When going through the estate planning process, it is important to asses all of your estate assets, both positive and negative in order to properly plan. If you need a will, trust, or assistance with other estate planning tools, contact Boyer Law Firm’s estate planning attorneys today.