ESTATE Definition

Bookmark and Share

ESTATE is the entire group of assets owned by an individual at the time of his or her death. The estate includes all funds, personal effects, interests in business enterprises, titles to property-real estate and chattels, and evidences of ownership such as stocks, bonds and mortgages owned, notes receivable, etc. All claims against an estate must be duly filed with the Executor or Administrator of the estate, and approved by the court of law under which the will is being probated or the line of heritage is being determined before the indebtedness may be satisfied.

Learn new Accounting Terms

PITI is an acronym for Principal, Interest, Taxes and Insurance when dealing with property mortgages.

INDUCEMENT is a reward for a specific behavior, designed to encourage that behavior; also called incentive. To provide the first months rent free would be a "lease inducement".

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.