In everyday terms, your estate is your "stuff" - the toys you've accumulated, the house you live in, the clothes you wear, the money you have in the bank, and everything else that is in your name or in your name along with someone else's.

Most people underestimate the size of their estate- especially if they don't own a house - but chances are you have more than you think. An estate includes:
  • Checking or savings accounts
  • Home
  • 2nd home or vacation home
  • Timeshares
  • Stocks, bonds, and mutual funds
  • Retirement savings, including IRA and 401(k) accounts
  • Household goods and collectibles
  • Clothing
  • Jewelry
  • Cars, boats, motorcycles
  • Life insurance - even the small policy through your employer
  • Animals
  • Business interests
Estate planning, in addition to the preparation and drafting of documents, includes taking an inventory of your estate and keeping that inventory up to date. The size of your estates can influence the type of estate plan the lawyer will suggest, and may require sophisticated devices to minimize costs and taxes if it is over a certain amount.

For more information on the estate planning process, see Estate Planning Basics: 7 Common Misconceptions
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