Estate definition

An estate is the property of an individual that does not pass by contract or act of law to a beneficiary. It is comprised of the decedent’s assets and liabilities. 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.

Related Courses

Fiduciary Accounting