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In common law, an estate is a living or deceased person's net worth. It is the sum of a person's assets – the legal rights, interests, and entitlements to property of any kind – less all liabilities at a given time. The issue is of special legal significance on a question of bankruptcy and death of the person.
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the jurisdiction where the deceased resided at the time of their death.
In common law and statutory law, a life estate (or life tenancy) is the ownership of immovable property for the duration of a person's life. In legal terms, it is an estate in real property that ends at death, when the property rights may revert to the original owner or to another person.
The term Fourth Estate or fourth power refers to the press and news media in their explicit capacity, beyond the reporting of news, of wielding influence in politics. [1] The derivation of the term arises from the traditional European concept of the three estates of the realm : the clergy, the nobility, and the commoners.
When mapping out your estate plan, you may come across the term "residuary estate." In simple terms, a residuary estate is any part of your estate that hasn't been distributed to your heirs ...
Such citations and abbreviations are found in court decisions, statutes, regulations, journal articles, books, and other documents. Below is a basic list of very common abbreviations. Because publishers adopt different practices regarding how abbreviations are printed, one may find abbreviations with or without periods for each letter.
For example, an estate plan may include a healthcare proxy, durable power of attorney, and living will. After widespread litigation and media coverage surrounding the Terri Schiavo case, estate planning attorneys often advise clients to also create a living will, which is a form of an advance directive. Specific final arrangements, such as ...
Trusts & Estates is a wealth management journal published by Informa which covers trust law and estates.It was first published in 1904 (as a periodical called Trust Companies) under the direction of Christian A. Luhnow, who was the editor, publisher and owner of the magazine at the time.