Estate

Estate refers to a person’s interests in property and assets. In property law it denotes the rights to real estate and other holdings, while in common usage it can mean the total net worth of an individual at death, including real estate, personal property, and financial assets.

In property law, an estate is an interest in land with defined rights of possession and use. The major categories are freehold estates, which last for an indefinite period (such as fee simple) or for life, and non-freehold or leasehold estates, such as tenancies for years, periodic tenancies, and tenancies at will. The exact scope of a given estate depends on how it was created and the rules of the jurisdiction.

Estates can be created by grant or conveyance, by will, or by operation of law. Transfers occur through sale, inheritance, or trusts. Some estates confer broad ownership rights, while others provide more limited interests, such as a lifelong right to use property or a tenant’s right to occupy.

Estate planning involves arranging the distribution of property after death, typically through wills, trusts, and beneficiary designations. The probate or administration process validates a will and oversees the settlement of debts, taxes, and other claims before assets are distributed to heirs or beneficiaries.

In everyday language, “estate” can also describe a large residence or country house. The term is widely used in real estate, law, and financial planning to refer to property holdings and the total value of a person’s assets.