954. Meaning of 'estate'.

A person's estate is the aggregate of all the property1 to which he is beneficially entitled2, except that:

  1.  

    (1)     the estate of a person does not include an interest in possession in settled property to which specified provisions regarding trusts for bereaved minors3 or age 18-25 trusts4 apply5;

  2.  

    (2)     the estate of a person does not include an interest in possession that falls within specified provisions6; and

  3.  

    (3)     the estate of a person immediately before his death does not include excluded property7 or a foreign-owned work of art which is situated in the United Kingdom for one or more