<p>An estate is simply the sum of all the property you own less all of  your debts. Your estate consists of your real estate including your  residence, your bank accounts, life insurance, stocks and bonds, your  business and personal property.</p>
<p>The important thing to remember is  that your life insurance is included in your estate and is taxable.  This may have the effect of pushing your estate over the exemption  ($3,500,000 in 2009) and causing you to have to pay on your death  substantial death taxes.</p>