Common
Estate (law)
Value of a person's assets minus their liabilities
Estate (law)
In common law, an estate is a living or deceased person's net worth. It is the sum of a person's assets; their legal rights, interests, and entitlements to property of any kind, minus all of their liabilities at a given time. The issue is of special legal significance on a question of bankruptcy and death of the person. (See inheritance.) Depending on the particular context, the term is also used in reference to an estate in land or of a particular kind of property (such as real estate or personal estate). The term is also used to refer to the sum of a person's assets only. The equivalent in civil law legal systems is patrimony.
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