Business Glossary

all the assets a person possesses at the time of death-such as securities, real estate, interests in business, physical possessions, and cash. The estate is distributed to heirs according to the dictates of the person's will or, if there is no will, a court ruling.

ownership rights or claims to property, both real estate and personal property, at the time of death. The total of a person's assets passes to his heirs, according to the terms of a will, or is disposed of at the discretion of a probate court if no will is left. Individuals plan for the orderly distribution of an estate through estate planning , which involves the drawing of wills and creation of trusts, to achieve maximum benefit for heirs or trust beneficiaries in event of death.

1. broadly, all that a person owns, whether real property or personal property . For instance, the estate one leaves at death.
2. nature and extent of a person's interest in or ownership of land.

sum total of the assets owned by an individual.

1. the degree, nature, and extent of interest that a person has in real property .
   Example: The highest form of an estate is fee simple , under which the owner can use the property at will and dispose of it without restriction.

2. all of the property, real or personal, that one owns and leaves at death.
   Example: Aunt Miriam died leaving an estate of $1 million, comprising a house valued at $200,000 and $800,000 worth of securities.