The word “estate” most likely drums up pictures of affluent individuals like the Bill Gates or Warren Buffets of the world, but whether you think it or not, you have an estate. Your estate is comprised of everything you own, from your car, home, bank account and investments, business, to your grandmothers wedding rings you inherited and your personal collection of classic movies. No matter how large or how modest, everyone who owns property has an estate and something in common – you can’t take it with you when you die. Estate planning simply refers to making a plan in advance so when you pass away your property will be distributed among the people or organizations you choose and in the way you think is best. It also may include strategies for minimizing taxes and legal fees.