ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel
  • »
  • Personal Finance»
  • Retirement

Estate Planning - What Things are Included in Your Estate?

Updated on May 9, 2011

Estate Planning

No one really likes to think ahead to their death, but good financial planning will include all phases of life. Death is no exception, and since you can't take anything with you, and you likely have loved ones to share it with. It is smart to consider Estate Planning. This includes your assets which you have accumulated over the years, at the time of your death.

Your estate includes all of your assets, then taking away all of your debts or other possible financial obligations. So what kinds of things are included in your assets? Here are some common things.

1. Whatever you own, that is in your name. Things that fall into this category include your house or other real estate, bank accounts, life insurances, and investment assets.

2. Your part ownership in any business or partnership.

3. Whatever you own jointly with another person.

4. Whatever you own with a husband or wife, half of that can be included.

5. The property that you created in custodial accounts, and revocable trusts. Assuming you are the trustee or custodian.

6. If you are owed any money, that is included.

Source

What things are Liabilities?

There are a few things that can reduce the value of your estate and it is just as important to know what those things are.

Liabilities include:

1. Any Outstanding Debts that you still have.

2. The costs of settling everything in the estate.

3. Any Taxes you owe.

These things will come off the total of one's assets to come up with the total. Once all figured out, it will be known if the heirs owe any federal estate taxes or not. There are state inheritance taxes as well that you may want to look into for your particular state.

By planning ahead, you not only will have made good decisions (hopefully) for your own life, but make decisions that will continue to benefit your family long after you are gone. That is a very thoughtful thing to do and may really help out your family. It won't replace you, but they will always know you cared about them to that degree that you cared to plan.

Estate Planning Poll

Have you done any estate Planning?

See results

Comments

    0 of 8192 characters used
    Post Comment

    • oceansnsunsets profile image
      Author

      Paula 7 years ago from The Midwest, USA

      Hi Pamela, thank you very much for your visit and the comment. :)

    • Pamela99 profile image

      Pamela Oglesby 7 years ago from United States

      Estate planning is important and this is a very good hub that lists all those things you must consider.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: "https://hubpages.com/privacy-policy#gdpr"

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)