Estate
Everything a person owns at death: property, money, investments, possessions, and any debts. The estate is what gets distributed through probate.
A person's estate includes everything they own at death, minus any debts. It's the total of assets that will be distributed according to their will or intestacy rules.
What's Included in an Estate
- Property (houses, land)
- Bank accounts and savings
- Investments (stocks, shares, bonds)
- Pensions (some types)
- Life insurance (some policies)
- Personal possessions (cars, jewellery, furniture)
- Business interests
- Digital assets
What's Typically Not Part of the Estate
- Jointly owned property (passes by survivorship)
- Life insurance in trust
- Pension death benefits (usually nominated separately)
- Assets in trust before death
Estate Value for IHT
For inheritance tax, the estate value includes some things that aren't legally part of the estate:
- Gifts made in the 7 years before death
- Trust assets in some cases
- Benefits from life insurance even in trust
Common questions
Does my estate include my pension?
Usually not directly - most pensions have separate death benefit nominations. But some pension types do form part of the estate.
Is jointly owned property part of my estate?
It depends. Joint tenancy property passes automatically to the survivor. Tenants in common property is part of the estate.
What happens to debts in my estate?
Debts are paid from the estate before anything is distributed. If debts exceed assets, beneficiaries get nothing but aren't personally liable.
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