What is the term used for the total wealth or property owned by an individual at their death?

The term used for the total wealth or property owned by an individual at their death is "estate." This encompasses all assets, including real estate, personal belongings, and financial accounts, minus any liabilities owed at the time of death. The estate is critical in estate planning and probate processes, as it determines how the deceased's assets will be distributed to heirs and beneficiaries. Understanding this concept is fundamental in life and health insurance, as policies may contribute to the overall estate and affect the financial legacy left to survivors.

Trust refers to a legal arrangement where a trustee holds property or assets for the benefit of beneficiaries, but it does not encompass all property owned outright at death. Inheritance pertains to the assets received by beneficiaries from the deceased's estate, rather than the total property itself. Net worth is a measure of an individual's financial health calculated by subtracting liabilities from assets, but it does not specifically indicate the total property owned at death.