Estate

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Estate

The assets that a person owns when he/she dies. The estate includes all personal property, real estate, securities and other assets. The estate is used to repay all of the person's outstanding debt. After debts are repaid, the estate may be taxed, depending on the value of the remaining assets. After all debts and taxes are repaid, the estate is distributed according to the provisions of the decedent's will and/or state law.

estate

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

Estate.

Your estate is what you leave behind, financially speaking, when you die. To figure its worth, your assets are valued to determine your gross estate.

The assets may include cash, investments, retirement accounts, business interests, real estate, precious objects and antiques, and personal effects.

Then all your outstanding debts, which may include income taxes, loans, or other obligations, are paid, and those plus any costs of settling the estate are subtracted from the gross estate.

If the amount that's left is larger than the amount you can leave to your heirs tax free, you have a taxable estate, and federal estate taxes may be due. Depending on the state where you live and the size of your taxable estate, there may be additional state taxes as well.

After any taxes that may be due are paid, what remains is distributed among your heirs according to the terms of your will, the terms of any trusts you established, and the beneficiaries you named on certain accounts -- or the rulings of a court, if you didn't leave a will.

estate

(1) All the property of a person who has died. (2) The degree,quantity,nature,and extent of legal interest that a person has in real and personal property.The most common estates are

1. In fee simple absolute. This is the greatest degree of ownership possible, in which a per- son owns all rights to a property and may freely dispose of them to purchasers or heirs.

2. At sufferance. In this type of estate a tenant continues to retain possession past the expi- ration of the lease.

3. At will. A tenant is put into possession by the owner of land, but the possession may be terminated at the will of the owner.

4. By the entirety. This is a joint estate held by two persons who are married to each other at the time of creation and which cannot be destroyed by either one of them or by the credi- tors of the other. In some states, a divorce court may not even divide the property, but the parties must agree on its disposition.

5. For life. In this estate, someone has an interest in property that lasts only as long as some life named or described in the granting instrument.

6. For years. This is typically a lease.

7. In remainder. In this type of estate a person takes property after the death of a person with a defining life in a life estate.

8. In reversion. That portion of an estate that remains in a grantor who transfers less than full ownership of a property. For example, if the owner of property transfers a life estate to another, the owner retains an estate in reversion and will regain full ownership when the life tenancy ends. If that future interest were also transferred to another, it would be called a remainder, but since it is retained by the grantor it is called a reversion.

9. In severalty. This term can be confusing, because it means the opposite of our common understanding of the word “several.” An estate in severalty is an estate owned by one person, alone.

Estate

This term is most commonly used for a taxable entity that is established upon the death of a taxpayer. It consists of all the decedent's property and personal effects. The estate exists until the final distribution of its assets to the heirs and other beneficiaries. During the period of administration, the executor must usually file a return. An estate is also created when a taxpayer files bankruptcy under Chapter 7 or CHapter 11 of the bankruptcy code.
References in periodicals archive ?
Equation (1) was used for processing the end-user response to yield the importance weights of the five FM aspects for each of the three estates.
Instead he elaborates a metaphor that is as far as I know unique in the extensive literature dealing with the three estates: He speaks of the three estates as tools (OE tol) which the king needs to perform his craeft.
But in the end whichever way the pardon is to be interpreted, it is sufficient for the purposes of this illustration that the three estates are acknowledged to be indisputably at the heart of it.
In it, Liverpool's Canning Street, developed between 1835 and 1845, is one of three estates held up as being "well designed and pleasing to the eye".
Residents in all three estates have been forced to use water from tankers.
Youth workers Amanda Clinton, 48, from Tyseley, Jo Burrows, 48, from Kings Norton, and Becky Crampton, 37, from Kings Norton, brought along children from the Three Estates Youth Project in Kings Norton.
There are three estates in this locality and a lot of elderly people depend on that No.
Dear Editor, On Wednesday night I observed the Community Development Trust Board of the Kings Norton Three Estates New Deal Programme.
A big clean-up operation is under way across three estates - and residents are going to be asked for their verdict.
Gamekeepers who have completed a total of 40 years' service on not more than three estates will be eligible to receive the CLA long-service award.
SKATEBOARD parks and youth shelters could be built on three estates in Rugby by school half-term in October - if young people say they want them.
The Chief Superintendent said: "There is no doubt that the people in the three estates are now in favour of the pilot scheme for what we call the Child Safety Initiative.

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