Smart Women Protect Their Assets: Essential Information for Every Woman About Wills, Trusts, and More

Assets and How They’re Owned

Your estate is comprised of your assets. There are five basic asset categories. As we go through each one, start making a list of what you own, what it’s worth, and with whom you own the property. There is a sample list (also called a Net Worth Statement) near the end of this chapter to help you make notes.

1. Real property—Real property includes any house, townhouse, condominium, as well as vacation property or timeshare that you own or co-own. It also includes vacant land, farm land, and commercial properties. Make a list of all the property you own and where it’s located. If you know the approximate current value, include the value on the list. If you don’t know the current value, you can obtain an appraisal ...