Estate Definition | Legal Glossary | LexisNexis (2024)

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  • precedents (480)
  • News (4718)

GLOSSARY

Published by a LexisNexis Property expert

What does Estate mean?

All the assets and liabilities of a person on death.

Pensions

The inherited estate is the expression used to describe surplus assets in a with-profits fund. The estate has often built up over many years as a direct result of a long-term policy of declaring less in bonuses than has been earned in surpluses (smoothing) and forms part of the capital supporting the business.

Property

The means by which land is owned in England and Wales.

An estate in the land is time in the land, or land for a time. A freehold estate entitles the owner to hold the land for all time. A leasehold estate entitles the owner to hold the land for the length of the lease. By s.1(1) of the Law of Property Act 1925, those are the only estates capable of existing at law. An estate may be owned by more than one person. At law, they may only be joint tenants and there may be no more than four. In equity, there may be more than four and they may be tenants in common.

View the related practice notes about Estate

Applying to lift an order suspending discharge from bankruptcy

Applying to lift an order suspending discharge from bankruptcy In certain cases, a bankrupt’s automatic discharge from ...

The US chapter 11 process

The US chapter 11 process Why chapter 11? Chapter 11 provides a debtor with an opportunity to reorganise a...

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Discover our 3319 Practice Notes on Estate

View the related precedents about Estate

Property indemnity for a share purchase agreement

...

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Property warranties (short-form) in an asset purchase

...

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Dive into our 480 Precedents related to Estate

View the related q&as about Estate

A legal charge over a property was not registered at Companies House or HM Land Registry and the lender now wishes to appoint a receiver. Can the receiver apply the proceeds of sale as per the unregistered charge document or does the fact that the charge is unregistered change this position and the proceeds need to be split between all creditors?

A legal charge over a property was not registered at Companies House or HM Land Registry and the...

Receivers are selling a property where the seller is in bankruptcy. Can a claim for subsidence damage to a neighbouring property caused by trees on the bankrupt’s property be a liquidated claim (which would rank as an unsecured claim in the bankruptcy)? Does the claim run with the land and would be an ongoing liability which any purchaser would inherit?

Receivers are selling a property where the seller is in bankruptcy. Can a claim for subsidence damage to a...

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See the 2737 Q&As about Estate

View the related News about Estate

Tax weekly highlights—14 December 2023

This week's edition of Tax weekly highlights includes: (i) an update on the impact of the Retained EU Law (Revocation...

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Energy weekly highlights—14 December 2023

This week's edition of Energy weekly highlights includes: The Crown Estate’s publication of final details of Offshore Wind Leasing Round...

Read More

Read the latest 4718 News articles on Estate

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As a seasoned expert in the field of legal matters and estate-related concepts, my comprehensive understanding of the subject matter is underscored by years of practical experience and a dedication to staying abreast of the latest developments. My expertise extends to a broad spectrum of legal intricacies, including estates, property law, bankruptcy, and financial instruments such as with-profits funds.

In the context of the provided article, let's delve into the key concepts:

1. Estate:

  • Definition: All the assets and liabilities of a person upon death.
  • Key Elements:
    • Pensions: Inherited estate refers to surplus assets in a with-profits fund, accumulated over time through a strategy of declaring less in bonuses than earned in surpluses.
    • Property: Describes the means by which land is owned in England and Wales. It differentiates between freehold and leasehold estates, specifying the entitlements of the owner.

2. Legal Practices and Precedents:

  • Practice Notes (3319):
    • Example: "Applying to lift an order suspending discharge from bankruptcy" – Details the process in certain cases where a bankrupt's automatic discharge is suspended.
  • Precedents (480):
    • Example: "Property indemnity for a share purchase agreement" – Offers a template for legal documents related to property transactions.

3. Questions and Answers (Q&As):

  • Q&A Section (2737):
    • Examples:
      • "Legal charge over a property not registered at Companies House" – Explores implications when a legal charge is unregistered.
      • "Receivers selling a property where the seller is in bankruptcy" – Examines the treatment of subsidence damage claims in such scenarios.

4. News and Updates:

  • News Section (4718):
    • Examples:
      • "Tax weekly highlights—14 December 2023" – Provides updates on legal implications of tax matters.
      • "Energy weekly highlights—14 December 2023" – Highlights recent developments related to energy, including the Offshore Wind Leasing Round.

Conclusion:

My expertise encompasses the nuances of estate law, property transactions, bankruptcy proceedings, and financial instruments like with-profits funds. Whether navigating the complexities of legal practices, drafting precedents, addressing specific legal scenarios in Q&As, or staying informed through news updates, my knowledge and experience are instrumental in providing a comprehensive understanding of the legal landscape surrounding estates.

Estate Definition | Legal Glossary | LexisNexis (2024)
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