Probate estate

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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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Some states only look at probate estates for recovery, while others include assets to which the deceased had any legal title -- including jointly held assets.
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.
The Legal Side of Health Care in Retirement
As of the present, my practice is to seek custodial claims in the probate estates for disabled minors but to advise family members that they could be challenged by the IRS for estate tax purposes.
1) To be eligible, the claimant must have actually lived with the disabled minor or adult, be one of the specifically enumerated relatives, and file a claim in the decedent's probate estate within the six-month claims period.
Custodial claims: compensation for family caregivers: custodial claims enable family members who cared for a now-deceased relative to be paid for their years of unpaid or underpaid caregiving. Here's how it works
Appendix A is gender-oriented and lists major articles of furniture in Arabic and/or English (translations are indeed not always possible) with information about localizing the words in specific probate estates and about whether these estates belonged to women or men; Appendix B uses the same methodology for major utensils for cooking and eating; and Appendix C does the same for major articles of clothing (an in-depth comparative study could be carried out between Grehan's information and analysis and the research published by Establet and Pascual on the very same questions for Damascus around the year 1700).
Everyday Life and Consumer Culture in Eighteenth-Century Damascus
Unlike Hawley and Main, Judith McGaw (26) only casually compares the frequency of guns in probate estates to other common items.
Counting guns in early America
45) In a jurisdiction that requires reopening probate estates to pass title to a remainder not previously inventoried, a simple statute authorizing the trustee to distribute the trust property directly to the persons entitled on the distribution date could cure the problem.
The Uniform Probate Code upends the law of remainders
Assets named in a revocable trust avoid the probate costs and additional attorney fees that would be incurred in a probate estate (although varying from state to state, accounting and attorney's fees and other administration costs can average perhaps three to four percent in a probate estate versus one to two percent in non-probate estates).
Avoiding probate
While trusts must file calendar year tax returns, probate estates can file fiscal year returns.
Revocable trusts: appealing, but beware; there's more to revocable trusts than just avoiding probate
The gross estate, however, consists of assets that compose the probate estate and the non-probate estate.
Estate planning: charting a smart course for your clients

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