The total property owned by an individual before the distribution of that property under the terms of a will, trust or inheritance laws. An individual's estate includes all assets and liabilities. Property is described as either real or personal. Real property is real estate, and personal property is everything else.
Personal property includes physical assets such as automobiles, equipment, household items, etc.
Personal property also includes financial property, such as securities, notes or loans receivable, bank accounts, cash and insurance policies. Dying intestate means dying without having created either a will or a trust that provides instructions for passing your estate on to your heirs. Dying intestate is like taking your property and attempting to throw it to your heirs on the other side of a deep chasm, a chasm which is filled with hazards. All property owners have done some estate planning for the distribution of their estate to their heirs whether they are aware of it or not. If you have no heirs that fit the state's formula, the assets will be taken by the state.