Estate

Definition

• The total sum of all the real property and personal property owned by an individual at time of death.
• The ownership interest of an individual in real property.

Synonyms
domain, residence, inheritance, land, territory

Alternate Spellings
property

Related Terms and Acronyms

• Abandonment — Definition,
  • A disclaimer of ownership by the trustee or debtor in property deemed burdensome or inconsequential. Once property has been "abandoned" it is no longer the property of the estate and creditors can seek to recover their money.
• Appreciation — Definition,
  • An increase in the value of a property or item.
• Death Benefit (DB) — Acronym, Very Important,
  • A payment or series of payments made to the beneficiaries of a life insurance policy.
  ➥ An amount paid to a beneficiary in a life linsurance policy.
• Estate Planning — Definition,
  • The process of determining how assets will be dispersed after an individual's death, ideally in the most tax-efficient way possible.
• Executor — Definition,
  • The person who manages the estate of a deceased individual.
• Life Insurance — Definition, Very Important,
  • An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
  ➥ CanEquity offers life insurance.
• Power of Attorney (POA, PA) — Acronym,
  • A document in which the signer authorizes someone to conduct business in his or her name -- signing title documents and cheques, for example.
• Probate — Definition,
  • The process of deciding the validity of a deceased person's will and appointing an executor.
• Real Estate (RE) — Acronym, Very Important,
  • A section of land including all the natural resources (above and below the surface) and any permanent buildings or structures located on it. Also known as "realty."
• Real Property — Definition,
  • Permanent, non-movable property, such as land and buildings.
• Survivorship — Definition,
  • The right of a person to secure ownership by reason of his/her outliving someone with whom s/he shared undivided interest in the land.
• Useful Life — Definition,
  • The number of years depreciable business property is expected to be productive and in use.
• Will — Definition,
  • A document that states what must be done with a person's estate after his or her death.