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What is an Estate?

estate lawyer

When someone passes away, their family members are usually emotionally distraught and at a loss for words. It’s a sad time for many people. Things can get worse if their family isn’t well informed about dealing with the assets of the deceased. There are tons of legal terms and implications associated with distributing the assets of a deceased family member. You might have heard the word estate before in this context. We are here to help you understand what exactly an estate is and provide you with some basic information on how to handle the death of a loved one from a legal standpoint. If you are seeking an estate lawyer for further information or help, contact Millman Legal today.

An estate is essentially a person’s net worth at any point in time. In the eyes of the law, it’s every financial aspect of someone’s life. It includes things like money, property, possessions, and even debts. If you have debts like a mortgage, they will need to be taken care of before the rest of your estate is distributed.  A person doesn’t have to be deceased to have an estate. That being said, when someone passes away, there estate must be dealt with. Normally, people will take steps like creating a last will and testament and naming executors so that their wishes are upheld after they pass away. An estate planning lawyer can help you draft a last will and testament and answer any questions you might have.

The people that deal with someone’s estate are known as executors. The executor of an estate is responsible for ensuring that the assets go to the people that the deceased wanted it to go to. Things get complicated with an estate when the person who died did not leave a will. It’s possible that all of the assets go to the state. Typically, if there is no will, the spouse or civil partner automatically will inherit all of their personal possessions. As an executor, it’s also their legal responsibility to pay off any debts or outstanding payments before distributing the estate.

If the idea of an estate seems like a daunting concept, don’t worry. There are great estate lawyers that can help you make sure everything is taken care of legally before you pass away. They can also help you with questions related to estate litigation. The more you plan in advance, the better off you are with regards to an estate.