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.
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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Townsend, which involves the Fourth District Court of Appeal's certified question as to whether a surviving spouse's "vested rights" in community property are part of the deceased spouse's probate estate (thereby making such rights subject to claims in the estate) or are fully owned by the surviving spouse and are, therefore, not subject to claims in the estate.
The debtor, Marcus Soori-Arachi, was the annuity owner and annuitant, with his probate estate the designated beneficiary entitled to the proceeds upon his death.
Matching income and deductions on a probate estate can be difficult because most of the income comes in at the beginning of the estate administration and the expenses are paid at the end.
Only the probate estate is subject to the terms of the statute.
We have been told we will need to open a probate estate that will cost at least $2,500.
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.
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. Revocable trusts are "tax-transparent"--that is, 1) the assets of the trust are includible in the grantor's estate for estate tax purposes (IRC section 2038); 2) transfers to the trust during the grantor's life are incomplete gifts for gift tax purposes [Treasury Regulations section 25.2511-2(c)] and therefore do not give rise to gift tax or to a gift tax return filing obligation; and 3) the trust is a grantor trust for income tax purposes during the grantor's life (IRC section 676), so all items of income, gain, and loss are reportable on the grantor's income tax return.
The existing trusts, and the fact no probate estate was filed, show that Williams did the right thing in planning to protect his family.
After the family opened a probate estate in their brother's name, MassHealth filed a $3 million claim in Worcester Probate Court for Dennis' past care.
More than $4 million in property has been recovered as the result of a claim filed against the probate estate of Dr.