What is an estate?

An estate refers to the entirety of a person's ownership or control over property at the time of their death, encompassing more than just real estate. It includes real property, such as land and buildings, as well as personal property, which may consist of cash, investments, vehicles, and personal belongings. By defining an estate in this broader context, we acknowledge that it represents the full scope of what an individual possesses, including both tangible and intangible assets.

This comprehensive definition is vital in estate planning, as it influences how assets are distributed among heirs and how taxes are applied. Understanding that an estate encompasses all property ensures that no assets are overlooked when considering the total value and implications for beneficiaries. Recognizing the complexity of an estate helps individuals make informed decisions regarding their estate planning, including wills and trusts, ultimately guiding them to effectively manage their legacy.