What’s The Difference Between Estate And Non-Estate Assets?

Understanding what you own and what you don’t own as part of your estate is important for the purposes of estate planning. Certain assets pass outside of the probate or estate process, and you’ll want to have appropriate plans in place to protect your loved ones for each type.

Estate Assets

Assets that are owned in your personal name are known as estate assets. Without any other advanced planning techniques in place, these will pass on to your loved ones according to the terms of your will or if you do not have a will, the laws of intestate succession. There are many other assets that people believe they own that will fall as part of their estate but they actually don’t.

Non-Estate Assets

For example, you don’t have ownership rights to assets held in a family trust for which you may be a beneficiary. Furthermore, if you own any of your property as joint tenants with another person, you are not eligible to gift your share of that property to another person under your will, because these are non-estate assets.

Planning for Estate and Non-Estate Assets

Even if your assets are not necessarily going to pass directly through your estate, you still need to plan ahead for them. Talking with your estate lawyer about the big picture can help you understand how to tie it all together to accomplish your estate goals.

To better understand all of the different kinds of assets that can influence your estate, it’s important to connect with a knowledgeable estate lawyer in MA who can help you prepare a comprehensive plan with all of these unique concerns in mind.

Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Reading this content does not create an attorney-client relationship. For legal advice specific to your situation, please consult with a qualified attorney.

About Tiffany A. O'Connell, JD, LLM, CELA, AEP

Tiffany A. O'Connell, JD, LLM, CELA, AEP is the CEO and Founding Partner of O'Connell Law, an estate planning and elder law firm serving clients across Massachusetts, New Hampshire, and Vermont. She is one of a select group of attorneys in Massachusetts certified by the National Elder Law Foundation as a Certified Elder Law Attorney (CELA). Tiffany focuses her practice on estate planning, trust and probate administration, Medicaid planning, long-term care planning, Alzheimer's planning, charitable planning, and retirement and wealth strategies. She has been helping families plan for their futures since opening her practice in 2010.

Credentials: JD, LLM, CELA (Certified Elder Law Attorney — National Elder Law Foundation), AEP (Accredited Estate Planner)

Licensed in: Massachusetts

Areas of Practice: Estate Planning, Elder Law, Medicaid Planning, Probate & Trust Administration, Alzheimer's Planning, Asset Protection

View all posts by Tiffany A. O'Connell, JD, LLM, CELA, AEP →

Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Reading this content does not create an attorney-client relationship. For legal advice specific to your situation, please consult with a qualified attorney.