What is your estate? The property you own in your own name that can be transferred according to the terms of a will (or under intestate laws, if you have no valid will) is your grossestate. By contrast, all property you own at the time of your death, including all property that might be subject to federal estate taxes (for example, life insurance plans, jointly held property with rights of survivorship, and property passing under certain employee benefit plans, is your probate estate) The Estate Planning Process Identify the steps in the estate planning process: 1. 2 4 5