What is an Estate?

An estate usually refers to the personal property of a person which includes land and structure built on it, jewelry, clothes, cars, cash and bank accounts, tools, bonds and stocks and other items that he has acquired in his life until the time of his death. Upon the death of the owner, the estate is distributed or subdivided.

The division of the estate depends on several factors like beneficiaries, if any, property title, state laws and letter of instructions if any. Settlement of taxes, debts and any other obligation of the deceased must be paid prior to distribution of the estate. The settling of the estate is done after that among the survivors.