What is your estate when you die?
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What is your estate when you die?
When you die, everything you leave behind is your “estate.” This will include all of your real estate, personal property, debts, etc. The federal government imposes only an estate tax, but some states collect one or the other, or in some cases, both. Collectively, they’re often referred to as death taxes.
Is an estate automatically created when a person dies?
Your estate is made up of everything you own. When a relative passes away, their estate includes everything they owned at the time of their death. Probating an estate is the legal process of paying a relative’s debts and distributing the estate’s property.
What happens if I never pay my credit card debt?
If you don’t pay your credit card bill, expect to pay late fees, receive increased interest rates and incur damages to your credit score. If you continue to miss payments, your card can be frozen, your debt could be sold to a collection agency and the collector of your debt could sue you and have your wages garnished.
