Estate
Estate is a term used in law to denote the total of a person's property, entitlements and obligations. It is often used in the context of wills and probate, or in the context of land and buildings, where it may also be referred to as real estate.
Definition[edit | edit source]
An estate in land is an interest that is or may become possessory. In the legal sense, an estate is a way of describing the total of a person's property, entitlements and obligations. This includes both physical items, such as land and buildings, and intangible rights and obligations, such as financial debts or legal responsibilities.
Types of Estates[edit | edit source]
There are several types of estates, including:
- Fee Simple Estate: This is the most common type of estate and is often simply referred to as "ownership". It gives the holder full rights to the property, including the right to transfer it at will.
- Life Estate: This is an estate that lasts for the life of some particular person. It becomes extinct when that person dies.
- Leasehold Estate: This is an estate that lasts for a definite period of time. It is often associated with rental property.
- Estate for Years: This is a type of leasehold estate that lasts for a specified period of time, regardless of the life or death of either the lessee or the lessor.
Estate Planning[edit | edit source]
Estate planning is the process of arranging for the disposal of an estate. Estate planning typically attempts to eliminate uncertainties over the administration of probate and maximize the value of the estate by reducing taxes and other expenses.
See Also[edit | edit source]
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