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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
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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.
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.
The law provides that "[a]ny spouse, parent, brother, sister or child of a disabled person who dedicates himself or herself to the care of the disabled person by living with and personally caring for the disabled person for at least 3 years shall be entitled to a claim against the estate upon the death of the disabled person." (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.
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).
Grehan's work concentrates on a period or" thirteen years (1750-63), which corresponds to his analysis of 1,000 probate estate inventories (tarikat) registered during those years with the Ottoman law courts in Damascus, which themselves constitute the main source of primary information for his study.
Unlike Hawley and Main, Judith McGaw (26) only casually compares the frequency of guns in probate estates to other common items.
Total physical wealth is related to gun ownership, with 74-78% of the most elite estates having guns and only 7% of the poorest probate estates owning guns.
In some jurisdictions, cases hold that a trustee may distribute the trust assets to the current owners of the remainder, without reopening probate for a deceased remainderman.(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.
While trusts must file calendar year tax returns, probate estates can file fiscal year returns.
Hence, a decedent's estate may include probate assets (probate estate) as well as property passing to a decedent's beneficiaries outside of probate (nonprobate estate).[1]
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).