[ɪsˈteɪt]
Estate is the term used to describe a person's assets minus their debts at the time of their death. This can be subject to Inheritance Tax.
Estate is usually the term that refers to the net worth of an individual at the time of death. This can include property, possessions, cash etc. A person's Estate can also include debts which they owed at the time of death.
While the person is still alive, they usually create a will which outlines the distribution of their assets. The Estate is then split between the beneficiaries of the will by an individual called the executor or the administrator, and then then each person may have to pay some Inheritance Tax.
For the 23/24 Tax Year, Inheritance Tax must be paid if the value of the Estate exceeds £325,000.
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