What Is An Estate? – A Couple of Practical Illustrations – Part 3

In this series of posts, we are looking to clarify what an “estate” is – in a practical, real world way, not a legal dictionary way.

Prior Illustration – Property Focus

In the last post, I gave one practical illustration considering property ownership. One way to think of an estate is a process where the new owners of property are discovered and established, after the prior owner dies.

New Illustration – Personal and Business Affairs Focus

I often use a second practical illustration when meeting with clients about estate matters. I use my life as an example.  I have them imagine my death.  Who would manage my law office?  What would happen to my pending cases or projects?  What would happen to my three minor children, in particular if something also happened to my wife?  Who would pay my personal and business debts?  Who would get the mail and cash any checks in transit?  What about other business properties or investments?  What about existing contracts not yet performed or expired?

Another way to think of an estate is a temporary state or system where a person’s existing personal and business affairs are carried on and wound down after they die.

There are lots of other issues with estates. But hopefully this brief blog series give you a better practical understanding of what “estate” means and what the major purposes of an estate are.

If our office may be of assistance to you in these areas, do not hesitate to contact us at (580) 338-6503 or at coryhicks@fieldandhicks.com or using any of our contact information in the profile.  You can also visit www.fieldandhicks.com for more information.

This blog contains general information and the opinions of the author – not legal advice; you should seek the advice of competent counsel (attorney/lawyer) when considering any legal issues.