Estate
Estate, in law, the property owned or partially owned by an individual. It may be real property or personal property. Real property, or real estate, is land and buildings. Personal property consists of all other kinds of possessions, including cash and securities. Upon the death of a United States citizen, his or her estate must be settled, or distributed among the heirs. This is usually done through a probate, or surrogate, court. If the decedent left a will, an executor carries out the terms of the will. If there is no will, the court appoints an administrator, who distributes the estate according to state laws of inheritance. Any federal and state inheritance taxes must be paid before distribution.