An estate is a legal concept used to refer to the total property owned by an individual at the time of their death. Depending on the jurisdiction, an estate may include the real estate, personal property, financial assets, and debts and other liabilities. Estates are generally managed and distributed by an executor or administrator. In some jurisdictions, an estate may consist of only one asset, such as a life insurance policy. Estates may also be referred to as an inheritance or a legacy. A will is the legal document used to direct the distribution of assets in an estate.  Visit our website at for more information.