The legal definition of anestate consists of all of the property a person owns or controls as well as all other monies generated upon the person death.
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What does estate mean in legal terms?
Related to estate: estate tax, Estate planning, Probate estate Estate The degree, quantity, nature, and extent of interest that a person has in real andPersonal Property. Such terms as estate in land, tenement, and hereditaments may also be used to describe an individual’s interest in property.
Do you have an estate?
Believe it or not, you have an estate. In fact, nearly everyone does. Your estate consists of everything you own: your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions.
What is the definition of a taxable estate?
Financial Definition of taxable estate. A taxable estate is the portion of a person’s net assets that are taxable upon his or her death. An estate tax is often levied on the assets that the deceased leaves to his or her heirs. Living spouses who inherit their husband/wife’s assets can avoid estate taxes altogether.
What are the contents of an estate?
An estate might include a home and other real estate owned by an individual, as well as valuables such as jewelry and artwork, and financial assets such as stocks and bonds. An estate may also include debt. The contents of an estate are distributed according to the owner will upon death.