An estate includes everything that comprises an individual’s net worth at the time of their death, including all real estate, possessions, financial securities, cash, and other assets that the individual owns or entities an individual has an ownership interest in. An individual’s estate also includes any debts, loans, or other financial obligations the individual had at the time of their death. 

A person’s estate commonly refers to the value of their possessions and finances in the context of estate planning and probate law. After a person dies, their estate is administered, which involves settling debts, distributing assets to heirs or beneficiaries, and carrying out the terms contained in their will or trust. 

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