GLOSSARY

Estate definition

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.

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