Definition: The collective property and liabilities of someone, especially a deceased person.

Alright class, settle down, let’s take a look! You've come across a word today, “estates,” and you want to know what it means. That dictionary definition – "the collective property and liabilities of someone, especially a deceased person" – is quite precise, isn't it? Let’s break that down in a way that makes sense. Think of it like this: imagine someone passes away, leaving behind things they owned - a house, savings accounts, investments, maybe even some debts to pay off. All of those possessions and obligations – the things they had and the things they owed – are bundled together. That bundle is their “estate.” It's like a tidy package, you see? A collection, a group, a sum! We often hear about "estates" in connection with wills and inheritance, where someone decides who gets what from that package after they’re gone. Here's a little rhyme to help it stick: “An estate is more than just a name, It’s all the stuff that follows fame – Or when someone sadly goes away, Their possessions, come what may!” Does that make a bit clearer how “estates” are used? Do you have any questions about this concept? Don't hesitate to ask!