In common law, an estate is a living or deceased person's net worth.
It is the sum of a person's assets – the legal rights, interests, and entitlements to property of any kind – less all liabilities at a given time.
Under United States bankruptcy law, a person's estate consists of all assets or property of any kind available for distribution to creditors.
[1] However, some assets are recognized as exempt to allow a person significant resources to restart their financial life.
The allodial or fee simple interest is the most complete ownership that one can have of property in the common law system.