What is "estate"?

A friend asked me to explain how people's inheritance are passed to their descendants when they pass away. I explained to him that similarly to the deceased's property passing onto his descendants in the form of a "wasihyath" in Maldives, in other countries the "estate" takes into account how the deceased's properties are to be distributed according to his "will".

I hit ChatGPT to pass some relevant information to him and this is what the chatbot generated:

In a general sense, an estate refers to all the possessions, assets, and liabilities that an individual owns or controls at the time of their death. It encompasses various elements, including real estate (land and buildings), personal property (vehicles, jewelry, furniture, etc.), financial assets (bank accounts, stocks, bonds), and debts.

The term "estate" is commonly associated with the process of estate planning, which involves organizing one's assets and affairs to ensure that they are distributed according to their wishes after their death. A crucial component of estate planning is the creation of a legal document called a will, which outlines how the assets should be distributed among beneficiaries, as well as designates an executor who will manage the estate's distribution.

Upon an individual's death, their estate goes through a legal process known as probate, during which the will is validated, debts and taxes are settled, and the remaining assets are distributed as per the deceased person's instructions.

In some jurisdictions, the term "estate" may also be used to describe a large piece of property, such as a large house with extensive grounds, or an area of land, possibly with buildings or other structures on it. However, in the context of estate planning and probate, the term primarily pertains to the total assets and liabilities left behind by a deceased individual.