An estate is a person's total assets and property, including real estate, personal property, and financial assets, that are owned or controlled by an individual. The term "estate" is often used to refer to the assets that a person leaves behind after they die, and it is often used in the context of estate planning and probate.

When a person dies, their estate is typically managed by a representative, such as an executor or administrator, who is responsible for collecting and distributing the assets of the estate according to the terms of the person's will or, if there is no will, according to the laws of the state in which the person lived. This process is known as probate.

Estate planning is the process of organizing and preparing for the management and distribution of a person's assets after their death. It can involve a variety of tools and strategies, such as creating a will, establishing trusts, and naming beneficiaries on financial accounts. Estate planning can help ensure that a person's assets are distributed according to their wishes and can help reduce the tax burden on their estate.