Estates

Estates refer to the total assets, rights, and obligations that a person owns at the time of their death. This includes real estate, personal belongings, investments, and any debts. When someone passes away, their estate is managed according to their will (if one exists) or, if not, according to local laws. The process of managing and distributing an estate involves settling debts, paying taxes, and distributing the remaining assets to heirs or beneficiaries. Understanding estates is essential for planning how one’s assets will be handled after death, ensuring that wishes are carried out and minimizing potential conflicts.