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estate law
An estate is the net worth of a person at any point in time alive or dead. It is the sum of a person's assets – legal rights, interests and entitlements to property of any kind – less all liabilities at that time. The issue is of special legal significance on a question of bankruptcy and death of the person. (See inheritance.)
Depending on the particular context, the term is also used in reference to an estate in land or of a particular kind of property (such as real estate or personal estate). The term is also used to refer to the sum of a person's assets only.
==Bankruptcy==
Under US bankruptcy law, a person's estate consists of all assets or property of any kind available for distribution to creditors.〔Bankruptcy Code .〕 However, some assets are recognized as exempt to allow a person significant resources to restart his or her financial life. In the United States, asset exemptions depend on various factors. For example, in the state of New Mexico, a choice between following federal exemptions and state exemptions is given. The estate (or assets) of a bankrupt person is administered by a trustee in bankruptcy. The legal position in all common law countries is similar in this respect.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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