Estate

An estate is the total sum of all assets and liabilities that a person owns at a given time, especially at the time of their death. It includes everything of value such as cash, real estate, personal property (cars, jewelry, furniture), investments, intellectual property, and any debts or liabilities owed by the person.

Legally, an estate represents a person's net worth—the value of all their property and rights minus any debts. When a person dies, their estate enters a legal process called probate, during which debts and expenses are paid off, and the remaining assets are distributed to heirs or beneficiaries as specified by the deceased's will or by law if there is no will.

The estate is managed by an executor or personal representative, who oversees paying debts and distributing assets. Once all liabilities are settled and assets distributed, the estate ceases to exist.

In summary:

• Estate = All assets owned + liabilities owed at death
• Includes real estate, personal property, financial accounts, intellectual property, etc.
• Managed through probate by an executor
• Ends when debts are paid and assets distributed

This concept is distinct from the common image of an "estate" as a large mansion or landholding; legally, it refers to the entirety of a person's property and financial interests.

If the person is alive, "estate" can also refer to their net worth at that time, and in bankruptcy law, it refers to all assets available to creditors.