Probate estate

Probate Estate

The total value of a decedent's assets. Probate estate includes the decedent's own property, but not the assets placed in trust, payable-on-death accounts, or other assets over which the decedent had control, but did not directly belong to him/her. The probate estate is discharged through the decedent's will. It should not be confused with gross estate, which is used in determining the estate tax one owes.

Probate estate.

Your probate estate includes all the assets that will pass to your heirs through your will.

It doesn't include anything that you have sold, given away, put into trusts, or passed directly to recipients by naming them as beneficiaries of specific accounts.

Assets you can pass directly to beneficiaries include money in retirement plans, insurance policies, payable-on-death bank accounts, and transferable-on-death securities accounts.

In addition, any property you own jointly with rights of survivorship passes directly to your co-owner outside the probate process. However, all the assets you own at the time of your death, including half the value of property you own jointly, are considered part of your estate for purposes of calculating whether estate taxes are due.

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A will is, in short, a state-governed legal document that outlines who will receive a deceased person's probate estate -- the assets that are only in their name when they die.
Life insurance proceeds are not part of the probate estate, unless the estate is named as the beneficiary of the policy.
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The certainty this methodology affords likely has implications beyond simply what is part of the probate estate.
The grantor no longer individually owns assets transferred to a revocable trust during the grantor's life, so at the grantor's death, those assets do not need to pass through the grantor's probate estate.
The existing trusts, and the fact no probate estate was filed, show that Williams did the right thing in planning to protect his family.
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The probate estate would have to file a separate income tax return (Form 1041) to report estate income earned after death.
According to the Court of Appeals of Minnesota, where property appraisals are conducted for the purpose of challenging the value of probate estate property, appraisals should determine the value of the property on the date of decedent's death.
The firm concentrates its practice to Real Estate, trusts, Probate Estate Administration and Estate Planning legal aspects.