Estate

An estate refers to all the property, assets, and debts owned by an individual at the time of their death. This includes real estate, bank accounts, investments, personal belongings, and other possessions. When a person passes away, their estate is managed through a legal process called probate, which determines how the assets are distributed according to their will or, if there is no will, based on state laws. An estate plan often includes documents like a will or trust, designed to ensure the individual's wishes are honored and to facilitate the smooth transfer of assets to beneficiaries.