(redirected from Three Estates)
Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia.
Related to Three Estates: estate of the realm


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.


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


(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.


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 ?
As can be seen from the calculation results (Table 3), across the three estates the security and cleaning services outperformed the other services.
Out of the 160 youngsters picked up in the three estates 54 were under 10 and 19 were under 8.
A dispersal order has been granted for Pool Farm, Walkers Heath, and Hawkesley, known locally as the three estates, in south Birmingham.
Triple whammies Two new-builds that reach for the sky Page 5 Star quality Pebworth House and its famous former owner Pages 6-7 Coach house conversions Three estates from across the region Page 20-21 Th Old Millhouse Attention to detail was paramount during renovation Page 24-25 Property news The latest developments and schemes Pages 28-29 Property Expert Be aware of your legal rights when buying Pages 30 POST PROPERTY correspondents are Alison Jones and Annie Roberts Email: PostSupplements@mrn.
Residents on three estates in Chester-le-Street say axing the No 811 by Go North East will deprive them of a lifeline to the town and hospital.
Constitutional theory has three estates to the constitution.
Local families have been told that Quinn will not be allowed to return to the Three Estates area.
Dear Editor, On Wednesday night I observed the Community Development Trust Board of the Kings Norton Three Estates New Deal Programme.
Sir, On Wednesday night, I observed the Community Development Trust Board of the Kings Norton Three Estates New Deal programme.
The Rev Morris works tirelessly to help improve the lives of the whole of Kings Norton, including the three estates, regardless of race, creed, or colour.
Reverend Morris works tirelessly to help improve the lives of the whole of Kings Norton, including the three estates, regardless of race, creed, or colour.
Hazel Blears, the Secretary of State for Local Government, was speaking after a longawaited pounds 21 million grant for the Kings Norton Three Estates finally received the green light.

Full browser ?