Estate definition
/What is an Estate?
An estate is the property that an individual owns at his or her death. The estate is comprised of the decedent’s assets and liabilities, which include personal property, real estate, money, and debts. Thus, a decedent’s estate might include a car, furniture, a vacation home, securities, a pension, a life insurance policy, a mortgage, and credit card debt. A trustee holds legal title to the assets contained within an estate, while the trust beneficiaries hold an equitable interest in them.
The transfer of wealth through an estate allows for the orderly shifting of assets to beneficiaries, sometimes over a period of years.