DEFINITION

• An estate is the real and/or personal property a person possesses at death.

• After payment of all estate taxes, debts and claims, the property passes through probate to heirs and/or beneficiaries.

• All matters pertaining to the distribution of an estate are filed with the Probate Court.

• An individual's estate may pass testate (with a will) or intestate (without a will) through the Probate Court system.

FIND AN ESTATE PLANNING LAWYER IN YOUR AREA.

Get more information:

• Estate Planning
• Probate and Estate Administration
• Wills
• Trusts

RELATED PRACTICE AREAS

Family Law
Wills
Trusts
Elder Law
Real Estate

BUZZWORDS

Beneficiary - One who inherits real and/or personal property through a trust or other instrument.

Estate Planning - The process of arranging a person's property to gain maximum benefit of all laws (such as tax or inheritance) while carrying out the person's wishes as to its disposition.

Estate Taxes - The tax imposed on the property of a deceased person who transfers ownership by will or intestate succession.

Heir - One who inherits real and/or personal property through an estate.

Personal Property - Any movable or intangible thing that is subject to ownership and is not classified as real property.

Probate - The judicial procedure by which one's estate is passed to heirs or beneficiaries.

Probate Court - A court with the power to declare wills valid or invalid, to oversee the administration of estates, and in some states, to appoint guardians and approve the adoption of minors.

Real Property - Land and the buildings thereon, including anything affixed or attached to the land that cannot be severed without damage.

PRACTICE AREA NOTES

• The majority of estate planning work is fixed-fee based. For example, an attorney might charge a fixed price for a simple will or estate plan.