estate – Latvian translation

estate [ɪ'steɪt] n

estate

law a right to enjoy possession of a piece of land for a period of time (Millennium); Everything a person alive or dead owns and owes. There are different types of estates, like probate, nonprobate, trust and taxable estates. Probate estate: The property in someone's will. Or, if they do not have a will, the property the probate court handles. Nonprobate estate: The property the probate court does not handle. For example, if there's a trust or joint tenancy. Trust estate: Property in a trust. A trustee controls the trust. Taxable estate: The property subject to federal estate tax when a person dies. For example, life insurance