Glossary Archive

An estate refers to the total assets, rights, and obligations that a person leaves behind upon their death. This encompasses everything that an individual owns and has an interest in, including but not limited to real estate (land and buildings), personal property (vehicles, jewelry, furniture), financial assets (bank accounts, stocks, bonds), and any business interests....

Estate Accounting Estate accounting refers to the process of preparing and presenting a detailed financial report regarding the assets, liabilities, income, and expenses of a deceased person's estate. This process is vital in probate proceedings, as it provides a transparent overview of the estate's financial status to the court, beneficiaries, and creditors. An estate accountant,...

Estate Administration Estate Administration refers to the process of managing and distributing a deceased person's estate, which includes all assets, debts, and liabilities. This process is carried out according to the deceased's wishes as outlined in their will, or in accordance with state laws if no will exists (intestate succession). The Estate Administration process typically...

An Estate Closing Statement is a comprehensive document that outlines the financial aspects of settling an estate after a person's death. It is typically created during the probate process and serves as a final accounting of all transactions related to the estate's assets, liabilities, and distributions to beneficiaries. The Estate Closing Statement includes several key...

Overview Estate Equalization refers to the process of ensuring that the distribution of an estate is fair and equitable among heirs, especially when the assets are not easily divisible or are of varying values. This is particularly important in situations where some heirs may receive specific assets, while others may not receive direct property but...

Estate-for-Years Lease Agreement An Estate-for-Years Lease Agreement is a type of lease that grants a tenant the right to occupy and use a property for a specified period. This agreement has a defined start and end date, and it does not automatically renew at the end of the term. The key characteristics of an Estate-for-Years...

An Estate Freeze is a strategic estate planning technique designed to limit the taxable value of an individual's estate. This approach is particularly beneficial for individuals anticipating significant appreciation of their assets, such as businesses or real estate. The primary objective of an estate freeze is to "freeze" the current value of an individual’s estate...

Estate Inclusion for Tax Purposes refers to the process of determining which assets are considered part of a deceased individual's estate for the purpose of calculating estate taxes. In the context of estate planning, estate inclusion is significant because it impacts the total value of the estate that may be subject to taxation upon the...

Estate Income Tax Estate Income Tax refers to the federal income tax imposed on the income generated by an estate during the period of administration, which is the time between the decedent's death and the final distribution of the estate’s assets to beneficiaries. When a person dies, their assets may continue to generate income, such...

Estate liquidity analysis is the process of evaluating the liquid assets within an estate to determine how easily they can be converted to cash to meet financial obligations. This analysis is crucial during the estate planning and probate processes, as it impacts the ability to pay debts, taxes, and distribute assets to beneficiaries without undue...