Estate (law)
An estate is the net worth of a person at any point in time. It is the sum of a person's assets – legal rights, interests and entitlements to property of any kind – less all liabilities at that time. The issue is of special legal significance on a question of bankruptcy and death of the person. (See inheritance.)
Depending on the context, the term is also used in reference to an estate in land or of a particular kind of property (such as real estate or personal estate). The term is also used to refer to the sum of a person's assets only.
Read more about Estate (law): Inheritance, Bankruptcy, Legal Estate in Land, Equitable Estates
Famous quotes containing the word estate:
“Sweet are the thoughts that savour of content,
The quiet mind is richer than a crown;
Sweet are the nights in careless slumber spent,
The poor estate scorns Fortune’s angry frown.
Such sweet content, such minds, such sleep, such bliss,
Beggars enjoy, when princes oft do miss.”
—Robert Greene (1558?–1592)