Which term denotes the assets that a person owns, whether real or personal property?

Which term denotes the assets that a person owns, whether real or personal property?

• A. Bounty
• B. Testamentary capacity
• C. Devisee
• D. Legatee

Answer: (A)

The main idea here is the term for all property a person owns, real and personal. That collective category is called the estate—the total of land, buildings, cash, investments, personal belongings, and any other assets at the time of death (or during administration). The estate is what an executor or administrator handles in probate, paying debts and distributing remaining assets. Why the other terms don’t fit: testamentary capacity refers to the mental ability to create or alter a will, not to the assets themselves. A devisee is the person who inherits real property under a will, while a legatee is someone who inherits personal property under a will. Bounty refers to a reward and has no connection to describing a person’s assets.

The main idea here is the term for all property a person owns, real and personal. That collective category is called the estate—the total of land, buildings, cash, investments, personal belongings, and any other assets at the time of death (or during administration). The estate is what an executor or administrator handles in probate, paying debts and distributing remaining assets.

Why the other terms don’t fit: testamentary capacity refers to the mental ability to create or alter a will, not to the assets themselves. A devisee is the person who inherits real property under a will, while a legatee is someone who inherits personal property under a will. Bounty refers to a reward and has no connection to describing a person’s assets.