If you add up the value of everything you own and subtract the value of everything you owe, that’s called your net worth. When you pass, it’s called your estate. While you’re still alive, you have the opportunity to designate how to divide your estate among your family and friends when you pass by creating a will. Your will specifies what you want to happen with your assets after you die. It also names a person to be executor of your will. Smart People Plan. If Not Now, When Attorney Brian Figeroux explains the importance of wills, trusts and estate planning.