Which type of asset can be considered part of a decedent estate?

A decedent estate encompasses all the assets that an individual owns at the time of their death. This includes both real property, such as land and buildings, and personal property, which encompasses a wide range of items like vehicles, jewelry, artwork, and personal effects.

By definition, real property refers to immovable assets such as homes or plots of land, while personal property includes movable items that are owned by the decedent. Thus, recognizing both types of assets in a decedent estate is crucial for accurately assessing the total value of the estate for purposes related to probate, distribution, and taxation.

In contrast to the other options, which either limit the definition of an estate to one type of asset or include liabilities and debts, the comprehensive nature of a decedent estate captures the entirety of an individual's possessions, allowing for a complete evaluation of their estate upon their passing.