Estate

The net worth of an individual at the time of their death. This is calculated by taking their total assets then removing any outstanding liabilities. For instance if a person owns a house worth £160,000 and has £40,000 in savings, their assets total £200,000, but if they had car financing with £5000 remaining, their estate would be valued at £195,000. While the term estate is associated with land property, for the purposes of a Will it refers to all assets including money, intellectual property and consumer goods.