Legal Dictionary: Estate Planning

DEFINITION

• An estate is the real and/or personal property a person possesses at death.

• After payment of all estate taxes, debts and claims, the property passes through probate to heirs and/or beneficiaries.

• All matters pertaining to the distribution of an estate are filed with the Probate Court.

• An individual's estate may pass testate (with a will) or intestate (without a will) through the Probate Court system.

FIND AN ESTATE PLANNING LAWYER IN YOUR AREA.

Learn more about ESTATE PLANNING AND THE LAW

BUZZWORDS

• Disinherit
• Inheritance
• Real Property

PRACTICE AREA NOTES

• The majority of estate planning work is fixed-fee based. For example, an attorney might charge a fixed price for a simple will or estate plan.