The “net estate” refers to the total value of an individual’s assets after deducting any liabilities, debts, taxes, and administrative expenses. It represents the amount of wealth that will be distributed to beneficiaries or heirs according to the individual’s will or the laws of intestacy if there is no will. Calculating the net estate involves determining the total value of assets such as real estate, investments, personal property, and financial accounts, then subtracting any outstanding debts, mortgages, taxes owed, and expenses associated with administering the estate. The net estate is crucial for determining the distribution of assets and settling the affairs of the deceased individual.
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This glossary post was last updated: 29th March, 2024.
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