What is the term used for the property of a deceased person, both real and personal?

The term "estate" refers to the total property owned by a deceased person at the time of their death, encompassing both real property (such as land and buildings) and personal property (which includes assets like bank accounts, jewelry, vehicles, and other valuables). This broad definition incorporates all types of assets that are subject to distribution according to the wishes of the deceased, as outlined in a will or dictated by state law in the absence of a will.

Understanding the concept of an estate is fundamental in the context of probate and estate administration, where the estate must be valued, debts settled, and remaining assets distributed to heirs or beneficiaries. In contrast, trusts, wills, and inheritances represent different aspects of estate planning and distribution processes but do not alone encompass the entirety of a deceased person's property. Trusts are arrangements for managing assets during and after a person's life, wills express the wishes of a deceased regarding asset distribution, while inheritance refers specifically to the act of receiving assets from a deceased individual.