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estate legal definition
noun
The totality of an
individualÂ’s ownership of money, real and personal property.
decedentÂ’s estate
Such assets after the death of the owner, as involved in the probate of a will
or an intestacy
proceeding.
residuary estate
The remainder of a decedentÂ’s estate after all applicable
payments and transfers have been made, including gifts and taxes.
contingent estate
From the common law. An asset, typically real property, that
vests only upon the occurrence of a condition.
dominant estate
Real property that benefits from an easement on adjoining property.
equitable estate
An estate recognized under the rules of equity.
possessory estate
A right of possession in an estate, which may not include actual
ownership.
servient estate
Real property upon which an easement has been granted.
vested estate
An estate that an individual has a present right to enjoy, or a noncontingent right to do
so in the future.
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