All About Estates

When many people hear the word “estate,” they understandably picture a large, historic home or vast tracts of land. In the common definition of estate as the physical property of a land-owner, this assumption makes perfect sense. However, the current legal meaning of estate, specifically in regard to a person’s last will and testament, is much more comprehensive and complex.

Who Handles Legal Estate?

At its broadest, a person’s estate is essentially his or her net worth, which can be calculated by subtracting any liabilities (debts or similar financial obligations, for example) from his or her total assets, or any legally held property and claims. Assets that are inherited automatically by operation of law (for instance, jointly-held property) are not considered part of an estate.

In probate law, or that which governs the division of a deceased person’s property, the inheritance of assets is carried out under the supervision of an executor or administrator. The distinction between these two roles deals with whether or not the deceased has created a last will and testament. If so, the person he or she has named to oversee this process is the executor. Failure to create a will and name an executor results in what is known as intestacy, a state of affairs governed by the administrator.

Although relatively rare in most countries these days, land ownership can still be part of an estate claim. However, based on the English feudal system, the specific laws governing inheritance of land can be extraordinarily complex.

Contact Us

Probate law is exceptionally difficult to navigate, especially in today’s world. To learn how to best handle the division of your estate, contact the Austin property division lawyers of Slater, Kennon & Pugh Ltd.LLP at 512-472-2431 today for more information.