GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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Estate


Synonyms:domain, inheritance, land, residence, territory
Filed Under: estate-management, financial-banking, investments, legal-contracts, real-estate
Tags: banking, contract, investment, legal, realty
 

Definition of estate

estate
1. The ownership interest of an individual in real property.
2. The total sum of all the real property and personal property owned by an individual at time of death.

Related Terms and Acronyms:

  • appreciation   An increase in the value of a property or item.
  • death benefit (DB)   A payment or series of payments made to the beneficiaries of a life insurance policy.
      ➥  An amount paid to a beneficiary in a life linsurance policy.
  • estate planning   The process of determining how assets will be dispersed after an individual's death, ideally in the most tax-efficient way possible.
  • executor   The person who manages the estate of a deceased individual.
  • life insurance   An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
      ➥  CanEquity offers life insurance.
  • power of attorney (PA, POA)   A document in which the signer authorizes someone to conduct business in his or her name -- signing title documents and cheques, for example.
  • real estate (RE)   A section of land including all the natural resources (above and below the surface) and any permanent buildings or structures located on it. Also known as "realty."
  • survivorship   The right of a person to secure ownership by reason of his/her outliving someone with whom s/he shared undivided interest in the land.
  • useful life   The number of years depreciable business property is expected to be productive and in use.
  • will   A document that states what must be done with a person's estate after his or her death.

More Related Terms and Acronyms

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