What Is an Estate?

Your estate consists of all your property, including

• your home and other real estate (but how much of it is yours may depend on how title is held),
• tangible personal property such as cars and furniture, and
• intangible property like insurance, bank accounts, stocks and bonds, and pension and social security benefits.

While a will is usually the most important part of an estate plan, it's not the only part. These days, it's common for a person to have a dozen will substitutes—that is, various ways of distributing property regardless of whether the person has a formal will. Pensions, life insurance, gifts, joint ownership, and trusts are but a few of the ways will substitutes can transfer property at or before death quickly and inexpensively.