Estate (law)

value of a person's assets minus their liabilities

An estate, in common law, is the net worth of a person at any point in time alive or dead. It is the sum of a person's assets – legal rights, interests and entitlements to property of any kind – less all liabilities at that time.[1]

ReferencesEdit

  1. Fay, Scott; Hurst, Erik; White, Michele J. (June 2002). "The Household Bankruptcy Decision". The American Economic Review. 92 (3): 706–718. doi:10.1257/00028280260136327. JSTOR 3083362.