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November 07, 2009

Estate

The word 'estate' refers to items owned by individuals who have died. An estate can consist of the decedent's home, car, personal belongings and valuable assets such as jewelry or collectable artwork.

When a person dies their estate must be settled through a process known as probate. The exception is when decedents establish a trust. Many types of trusts exist. Each has advantages and disadvantages. Trusts are generally reserved for estates valued over $100,000; however, strategies exist for smaller estates to avoid probate.

Real Estate Investing article on "Estate"

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