In real estate planning, one of the fundamental questions that come to our mind at the onset is what to include in is an estate. Many people believe real estate is for wealthy people in our community.
In fact, to some people, it is not clear to them that when they live, they also have a real estate.
Your estate comprises of all things in your name, including all properties you may not be in a position to use during your lifetime. Like the proceeds you are entitled to your life insurance policy or the retirement benefits that will remain after your death. All these are your assets.
What is included in an estate?
Your estate consists of the following items:
Tangible personal property
Here we have things like your tools, papers, documents, furniture, letters, artwork, photos, automobiles, and equipment. They are generally all assets you can touch.
Intangible personal property
These are things you can’t touch, they include;
Money held by financial institutions like banks, retirement plans, financial investment, your interest in family property and businesses, insurance policies, copyrights, loyalty, interest from a partnership, or patent stock options. These are things of value that you can touch.
Your real interest or the real property that you own comprises of interest you get from your land, your right, title, rental part property, and your home.
One important thing you have to learn from real estate companies in scottsdale az is that they can change at any given time. In real estate planning, only those things you own before you passed away are the ones that are included in your real estate.
In order to learn more on what is included in real estate, you can reach out to your nearby real estate agent to help you have a better understanding of what can be included in your real estate.