Richard P. Wallace has been serving Coeur d’Alene area in legal services for over 44 years with an emphasis on Estate Planning since 2000! At Wallace Legal, we believe it’s never too early to prepare for the future. Our professional Estate Planning services has built up a strong reputation for quality customized Estate Plans to serve residents of Coeur d’Alene, ID. Estate Planning ensures that you, your family, and your assets will be taken care of no matter what happens. We take the time and are committed to understanding your preferences before the planning process begins. Our team can prepare important legal documents such as Living Trusts, Wills, powers of attorney, and health care directives to ensure that your wishes are put in writing and made official.
Give us a call today at 208-292-2691 for a free consultation.
Our address is: N. 2370 Merritt Creek Loop, Suite #1
Coeur d’ Alene, ID 83814
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Wallace Legal News: What is an Estate?
*IMPORTANT: These materials are for informational
purposes only. They should not be construed as legal advice. This information
is not intended to replace the assistance of an attorney in any particular
situation. It is not intended to, and does not, create an attorney-client
What is an Estate?
For most people, the word “estate” seems foreign. Millionaires have estates,
so you may not feel like the word applies to you. But we all have an “estate.”
Your estate is everything you own, minus your debts. This will seem strange,
but after you die, your estate takes on a life of its own. It becomes
a legal entity. Your estate can owe or be owed money, for example. It
gets bills and has to pay them. In some cases, your estate can live more
than twice as long as you do.
Your estate is equal to your net worth — the value of your assets —
minus any debts. Assets in your estate can include:
Any real property (houses, land, etc.)
- Bank accounts
- Investment accounts
- Stocks and bonds
- Mutual funds
- Insurance proceeds
- Retirement plans
- Money owed to you
- Tangible personal property like jewelry, art, furniture and cars
All liabilities are also taken into account, whether it is the mortgage
on your house, your credit card balance, or the money you owe your uncle.
Your estate also gets bills from lawyers and courts, tax collectors
and so on, and the estate pays these as well.
If you’ll like to learn more please visit our frequently
asked questions section, or read rich’s latest newsletter.