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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

estate

The assets owned by a person at the time of death. See also gross estate.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.

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.
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary
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They have arranged the place of the media, "the fourth estate of the realm", in such a way that, from the outside, it looks perfectly normal for the media to do the dirty work of the state by, as John Pilger says, "reporting the rest of humanity in terms of its usefulness, or otherwise, to 'us'." Therein lies the negative reporting of Africa in the Western media.
'The media is the fourth estate of the realm in procedural governance.
According to him, 'because of what they have in stock, their nefarious plans to thwart the will of the people in the forthcoming general election, they want to raise the level of the intimidation of all critical organs of democracy, the legislature, the Judiciary including but not limited to the fourth estate of the realm, the press.
The statement reads: 'As the Dapo Abiodun campaign machine roars, we wish to inform the members of the fourth estate of the realm in particular, and the public in general that the former Deputy Speaker and two-term member of the Ogun State House of Assembly, and a certified international arbitrator, Rt.
'I wish to specifically note the constant support of the Media and external relations section, and the consistent efforts at ensuring that the wellbeing of our children is promoted through the various interventions of the section, one of which is continuous dialogues with members of the Fourth Estate of the Realm.