This may seem like a silly question, but the answer is, “It depends.” When discussing your probate estate it only includes what will pass under your last will and testament. Assets owned jointly with rights of survivorship are not part of your probate estate, because they pass directly to the joint owner at your death, not under your will. In some cases this is an effective estate planning tool. In other situations it will defeat the purpose of one’s will. For estate tax purposes your estate consists of all of your assets no matter how owned as well as life insurance policies.
Estate planning should consider assets that you may inherit from your family. It is very important that your attorney know exactly what you own, what you may inherit, what it is worth and how it is titled. Do not understate the value of your estate to your attorney, because doing so may cause him or her to recommend a plan that is not in your family’s best interest.
Bring a list of your assets to your first office conference to “jumpstart” the estate planning process. Also bring a copy of your current will, durable power of attorney, advanced health care directive and deeds.
If you would like to begin the
estate planning process, call David Dunn at 662-327-4211,
W. David Dunn © 2007
