What does an estate consist of? Property, assets, etc...?

Question

Doing a will soon, understand there's no inheritance tax, but still an estate tax. Thanks!

Answer 1

Your estate represents everything that you own, or anything to which you have a right (for example, a New York Giants season ticket holder's estate includes the right to decide who gets the opportunity to purchase his tickets after his/her death).

Most of the time a will contains certain specific bequests (e.g., I give $10,000 to my nephew John, or cousin Sally gets the Porsche), and a list of residual beneficiaries who will split up the remainder. A will should also name an executor. If you have children, the will can also be used to establish who will become their guardian if you should die prior to them reaching the age of majority.

If you are in the U.S., and your estate is less than $2 million, there will generally be no federal estate tax. Most states have an inheritance tax - some states base it off the federal tax, while other states like Pennsylvania have their own system.

I would advise you to contact an attorney and a financial advisor to assist you in this process.

Answer 2

Your attorney should be able to give you a list. Your estate consists of anything and everything that can have a price tag attached to it.