An estate is the word used to describe your pool of assets that you own at the date of your death.
What assets fall to your estate upon your death depend on whether they are owned by just you or jointly with another.
Assets that will fall to your estate would be things that are owned by just you. For example;
- Your jewellery
- Your clothes
- Your personal items, including phone, iPad etc
- Your motor vehicle, if owned by just you
- Superannuation, in some circumstances
If you own things jointly with another person, these things may automatically pass to the joint owner upon your death. See our post on jointly owned property here.
Your estate will also be responsible for paying your bills that were left behind. Your bills might include:
- Your funeral costs
- Your credit card
- Your phone bill
- Your loans
- Your tax
Your executor/administrator will be responsible for gathering all information to realise all assets that owned and all the debts you have. They are also responsible for doing your tax returns and finalising all of your affairs.