What term refers to the assets that transfer as a result of the death of the owner?

The term that refers to the assets that transfer as a result of the death of the owner is "Estate." In legal terminology, an estate encompasses all the real and personal property owned by a deceased person at the time of their death. This includes any assets such as bank accounts, real estate, investments, and personal belongings. The estate is essential in the context of probate, as it is the totality of assets that will be distributed according to the deceased's will or, if there is no will, according to the laws of intestacy.

The other terms, while related to the realm of estate law, do not define the collective assets that pass upon death. A testament typically refers to a will or a legal document that states how a person's estate should be distributed, rather than the assets themselves. A legacy generally pertains to a gift of personal property passed down through a will, and a trust is a legal arrangement where one party holds property for the benefit of another. Understanding these definitions helps clarify why "Estate" is the appropriate term for the assets transferring upon death.