What is an estate?
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Answer:
An estate is everything comprising the net worth of an individual, including all land and real estate, possessions, financial securities, cash, and other assets that the individual owns or has a controlling interest in.
Answer:
The legal definition of an estate consists of all of the property a person owns or controls as well as all other monies generated upon the person’s death. An estate can be divided up into three categories: gross estate, residue estate, and estate debt, but it does not include assets a person has transferred to an irrevocable trust during their lifetime.
An estate consists of all of the land, or property an individual owns or controls. The estate property may be in his or her sole name, held in a partnership, in a joint ownership arrangement, or through a trust. Real estate property also includes all other monies that would be generated upon the person’s death, such as through life insurance. An estate can be divided up into three categories: gross estate, residue estate and estate debt.