Legal Dictionary
Estate
Definition
All the money and property owned by a particular person, especially at death.
Deep Dive
An Estate refers to the total sum of an individual's assets and liabilities, encompassing all their money, property, and possessions, both tangible and intangible. This comprehensive view includes real estate, bank accounts, investments, personal belongings, intellectual property, and any debts or obligations owed. While the term can apply to a living person's total net worth, it is most frequently used in the context of a person's death.
Examples & Use Cases
- 1Upon a person's death, their estate includes their primary residence, several investment accounts, a car, valuable artwork, and any outstanding credit card debts.
- 2A business owner creating an estate plan to ensure the smooth transition of their company shares and leadership to their children or partners after their passing.
- 3A probate court overseeing the administration of an estate, ensuring all assets are properly valued, debts settled, and remaining property distributed to the legal heirs.
Related Terms
ProbateWillTrustInheritance