What is an estate?

An estate encompasses the total property, real and personal, that an individual owns or controls. It's a comprehensive term often used in the context of <a href="https://www.wikiwhat.page/kavramlar/estate%20planning">estate planning</a> and <a href="https://www.wikiwhat.page/kavramlar/estate%20administration">estate administration</a>, particularly after someone's death. Key components can include:

• Real Property: This refers to land and anything permanently affixed to it, such as houses, buildings, and fixtures.
• Personal Property: Encompasses all other assets, which can be further divided into:
  • Tangible Personal Property: Items that can be touched and moved, like furniture, vehicles, jewelry, and artwork.
  • Intangible Personal Property: Assets that represent value but aren't physical objects, such as stocks, bonds, bank accounts, and intellectual property.

The value of an estate is determined by subtracting liabilities (debts, mortgages, loans) from the total value of the assets. Proper <a href="https://www.wikiwhat.page/kavramlar/estate%20tax">estate tax</a> planning is often necessary to minimize the tax burden on the transfer of assets to heirs. A <a href="https://www.wikiwhat.page/kavramlar/will">will</a> is a crucial document that dictates how the estate is to be distributed after death. If someone dies without a will, the estate will be distributed according to the laws of <a href="https://www.wikiwhat.page/kavramlar/intestacy">intestacy</a> in their jurisdiction.