Estate
Everything a person owns at death — real estate, accounts, vehicles, and belongings — minus their debts. The estate is what gets settled and distributed.
The estate is the total of a person's assets and liabilities at death. Settling it means inventorying what they owned, paying valid debts and taxes, and distributing what is left to heirs or beneficiaries. Some assets are part of the probate estate; others — like payable-on-death accounts and life insurance with a living beneficiary — pass outside it.
Whether an estate needs full probate depends on its size and what it holds. Many small estates qualify for a simplified process or a small-estate affidavit instead of a full court proceeding.
- Probate— The court-supervised process of validating a will (if there is one), paying debts, and transferring the deceased's property to heirs. Required in most cases, though some assets bypass it.
- Executor— The person legally responsible for settling a deceased person's estate — paying debts, filing taxes, distributing assets per the will. Named in the will, or appointed by the court if there is none.
- Small estate affidavit— A sworn form that lets heirs collect a modest estate's assets without full probate, when the estate falls under the state's dollar threshold.
- Last will and testament— The legal document that says who gets what and names an executor. It still goes through probate — it does not avoid it. Without one, state intestacy law decides.
This definition is general consumer information, not legal, medical, or financial advice. Industry practices and regulations change occasionally; verify before relying on anything here for a specific decision.
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