“Estate” sounds very fancy and like it only applies to those with substantial wealth, but all of us actually have an estate. What’s in our estate and what it’s valued at will certainly differ, but we all have an estate – even if they are humble!
An “estate” is everything a person owns at the time of their death. This includes the things people commonly think of like a house, bank account, or vehicle, but an estate also includes things like furniture and household goods, personal effects, and jewelry. And here in Colorado, of course, pets!
Even if you don’t own many things or the value of those things may not be a lot, you have an estate. If those items are important to you, it’s important you plan what should happen to them when you die.
To make it easier on your family and friends, it’s helpful to leave instructions for how your estate should be disbursed upon your death. You provide these instructions through a will or trust.
This website includes information about legal issues and legal developments. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and should not be taken, as legal advice on any particular set of facts or circumstances. You should contact an attorney for advice on specific legal problems.
Lauren Lester is an affordable family law, estate planning, and probate lawyer licensed in Colorado.