What term refers to all assets and possessions of the person who died?

• A. Estate
• B. Decedent
• C. Last will and testament
• D. Trust

Answer: (A)

The main idea here is naming the collection that includes everything a person owned at death. That collection is the estate. It covers real property, bank accounts, investments, personal belongings, and can also include debts owed to the decedent and outstanding liabilities to be settled. The estate is what probate courts administer to pay debts and distribute remaining assets to heirs or beneficiaries, either as directed by a will or by state law if there’s no will. The other terms point to different concepts: the decedent is the person who died; a last will and testament is the document that directs how assets are to be distributed; a trust is a separate arrangement that can hold assets and may operate outside the probate estate.