Estate

Dictionary Says

Definition of 'Estate'

All of the valuable things an individual owns, such as real estate, art collections, collectibles, antiques, jewelry, investments and life insurance.
Investopedia Says

Investopedia explains 'Estate'

The value of a personal estate usually becomes very important upon the death of the person in question. Those in line for inheritance often have to pay an inheritance tax on the estate. This tax can be very large, forcing the beneficiary to sell some of the inherited assets in order to pay the tax bill.

Related Definitions

  • Incidents Of Ownership

    Any interests or rights that an individual maintains in an asset, including property and insurance, that allow the person to change, modify, use or benefit from that asset. This is ...
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  • Estate Planning

    The collection of preparation tasks that serve to manage an individual's asset base in the event of their incapacitation or death, including the bequest of assets to heirs and the ...
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  • Estate Tax

    A tax levied on an heir's inherited portion of an estate if the value of the estate exceeds an exclusion limit set by law. The estate tax is mostly imposed on assets left to heirs, but ...
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    • Heir

      A person who inherits some or all of the estate of a recently deceased person. The legal successor is usually selected because he or she is related to the deceased by a direct bloodline ...
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    • Inheritance

      All or part of a person's estate/assets that is given to an heir once the person is deceased. An inheritance is typically a cash endowment given to younger heirs of the deceased, however ...
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    • Escheat

      When property and/or an estate is transferred to the government because a person has died without a will or an heir to his or her estate.
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    • Will

      A legally enforceable declaration of how a person wishes his or her property to be distributed after death. In a will, a person can also recommend a guardian for his or her children. ...
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    • Inheritance Tax

      In some states in the U.S. (and in the United Kingdom), a tax imposed on those who inherit assets from a deceased person. The tax rate for inheritance taxes depends on the value of the ...
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    • Bona Vacantia

      A legal term for the situation in which property is left without any clear owner. The precise handling of such property varies depending on the jurisdiction. In most cases, the property ...
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    • Homestead Exemption

      Laws designed to protect the value of a home from property taxes and creditors following the death of a homeowner spouse. A homestead exemption can be found in state statutes and ...
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