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estate definition - legal

n

The totality of an individualÂ’s ownership of money, real and personal property.
decedentÂ’s estate
Such assets after the death of the owner, as involved in the probate of a will or an intestacy proceeding.
residuary estate
The remainder of a decedentÂ’s estate after all applicable payments and transfers have been made, including gifts and taxes.
contingent estate
From the common law. An asset, typically real property, that vests only upon the occurrence of a condition.
dominant estate
Real property that benefits from an easement on adjoining property.
equitable estate
An estate recognized under the rules of equity.
possessory estate
A right of possession in an estate, which may not include actual ownership.
servient estate
Real property upon which an easement has been granted.
vested estate
An estate that an individual has a present right to enjoy, or a noncontingent right to do so in the future.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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