In legal terms, an estate refers to the total assets and liabilities of an individual at the time of their death. It encompasses all property, possessions, investments, debts, and obligations owned by the deceased person. The estate is managed and distributed according to the instructions laid out in the deceased individual’s will or, if there is no will, according to the laws of intestacy in the jurisdiction where the individual resided. The process of managing and distributing the estate is overseen by an executor or administrator, who is responsible for gathering the assets, paying off any debts and taxes owed by the estate, and distributing the remaining assets to the beneficiaries or heirs. Depending on the complexity of the estate and the presence of any disputes or legal challenges, the probate process may be required to validate the will and facilitate the orderly distribution of assets.
everything you own; all of your assets (whether real property or personal property) and liabilities
n.
- all that one owns in real estate and other assets.
- commonly, all the possessions of one who has died and are subject to probate (administration supervised by the court) and distribution to heirs and beneficiaries, all the possessions which a guardian manages for a ward (young person requiring protection and administration of affairs), or assets a conservator manages for a conservatee (a person whose physical or mental lack of competence requires administration of his/her affairs).
- an alternative term for real property interest which is used in conjunction with another defining word, like “life estate,” “estate for years,” or “real estate.
All assets owned by an individual at death, to be distributed according to the individual’s will (or a court ruling if there is no will).
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 29th March, 2024.
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