Estate
Updated: 21 November 2024
What Does Estate Mean?
An estate refers to the total collection of assets and items of value that belong to a person, which are passed on to their beneficiaries upon their death. In the context of insurance, life insurance is commonly used as part of estate planning and can be a significant asset that a decedent leaves to a beneficiary.
Insuranceopedia Explains Estate
Many people purchase life insurance policies to increase the value of the estate they leave to their children, spouses, or other beneficiaries. Additionally, life insurance proceeds or the cash value accumulated in the policy can assist beneficiaries in settling the decedent’s affairs. The payout is often exempt from certain taxes, which makes life insurance even more attractive as a tool for estate planning.
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