Posted on December 20, 2018

What is an Estate?

An estate is all of the money and property a decedent owned at the time of their death.

It’s really that simple as far as a definition is concerned.  However, you have to be careful because the value of their estate may be less that you think.  The assets in the estate are subject to liens, mortgages and debts so just because someone has what seems like a lot of money and property it might not be as much as you thought because these things will reduce it.

There are also different categories of an estate.  There’s a probate estate and a non-probate estate. There’s a taxable estate and a non-taxable estate.  So, once you calculate the total estate you can then separate the estate assets into these different categories to better manage everything.  These asset classifications and their effects are all dealt with during the estate administration process.

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