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In common law, an estate is a living or deceased person's net worth. It is the sum of a person's assets – the legal rights, interests, and entitlements to property of any kind – less all liabilities at a given time. The issue is of special legal significance on a question of bankruptcy and death of the person.
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the jurisdiction where the deceased resided at the time of their death.
In common law and statutory law, a life estate (or life tenancy) is the ownership of immovable property for the duration of a person's life. In legal terms, it is an estate in real property that ends at death, when the property rights may revert to the original owner or to another person.
When planning your estate, it’s important to consider who will inherit your assets after you’re gone. Specifically, it’s important to understand who are your heirs at law – and what that ...
For example, an estate plan may include a healthcare proxy, durable power of attorney, and living will. After widespread litigation and media coverage surrounding the Terri Schiavo case, estate planning attorneys often advise clients to also create a living will, which is a form of an advance directive. Specific final arrangements, such as ...
A fee simple absolute is the highest estate permitted by law, and it gives the holder full possessory rights and obligations now and in the future. Other fee simple estates in real property include fee simple defeasible (or fee simple determinable ) estates.
When mapping out your estate plan, you may come across the term "residuary estate." In simple terms, a residuary estate is any part of your estate that hasn't been distributed to your heirs ...
Heirs Property occurs when a deceased person's heirs or will beneficiaries become owners of property (also known as real property) as tenants in common. [3] When a property is probated, a deceased person either has a will and the property is passed on to the named beneficiary, or a deceased person dies intestate, without a will, and the property could be split among multiple heirs who become ...