An estate encompasses all the property, assets, and liabilities a person owns at any time, though the term is most commonly used in the context of death and inheritance. When someone dies, their estate includes real property (land, buildings), personal property (vehicles, furniture, possessions), financial assets (bank accounts, investments, pensions), and debts or obligations. Estate administration involves gathering assets, paying debts and taxes, and distributing remaining property according to the deceased's will or, if there's no will, provincial intestacy laws. Estate planning while alive—through wills, trusts, beneficiary designations, and power of attorney documents—helps ensure assets are distributed as intended and can minimize taxes and complications. Provincial laws govern estates, with variations in rules about inheritance, spousal rights, and estate taxes. Understanding estate basics helps young adults appreciate why adults engage in estate planning.