What does the definition of estate include?

The definition of estate encompasses a broad range of assets, capturing everything that a person can own, whether it be real or personal property. This includes not just physical items like homes and vehicles, but also intangible assets such as bank accounts, stocks, bonds, and other financial instruments. Estate planning and management are crucial because a comprehensive understanding of all included assets is necessary for proper financial management and distribution at death. This comprehensive definition ensures that all forms of ownership are acknowledged, which is critical in various contexts such as estate law, guardianship, and financial planning.