estate

Estate

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

Notes:

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.

See also: Asset, Escheat, Estate Planning, Estate Tax, Heir, Inheritance, Will

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estate

The assets owned by a person at the time of death. See also gross estate.