The word “estate” can have multiple meanings. In the legal and financial sense, a person’s estate is their entire net worth, which is particularly relevant in the case of bankruptcy of death. The word can also refer to a large property, especially in the countryside.
In this article, we will be focusing on what an estate is in terms of law and finance, and explain some key related concepts.
KEY HIGHLIGHTS:
An estate is an individual’s entire net worth, including tangible and intangible assets.
If the individual declares bankruptcy, their estate is assessed to determine which debts they are able to pay.
If the individual dies, the individual’s estate is distributed among beneficiaries according to instructions in the individual’s will.
If the individual does not have a legal will, their estate is distributed according to the jurisdiction’s inheritance laws.
—7Bit Casino
