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LSDefine

Simple English definitions for legal terms

net estate

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A quick definition of net estate:

Net estate: This refers to the assets and property that a person leaves behind after they pass away. It is also known as the probate estate. This includes things like money, real estate, and personal belongings. The net estate is what is left over after any debts, taxes, and expenses have been paid.

A more thorough explanation:

Net estate

The net estate refers to the total value of a deceased person's assets that are subject to probate, after all debts, taxes, and expenses have been paid.

For example, if a person dies and leaves behind a house worth $500,000, a car worth $20,000, and $50,000 in cash, but also has $100,000 in outstanding debts and $20,000 in funeral expenses, the net estate would be $350,000 ($500,000 + $20,000 + $50,000 - $100,000 - $20,000).

Another example would be if a person dies and leaves behind a bank account with $100,000, but also has $30,000 in outstanding debts and $10,000 in funeral expenses, the net estate would be $60,000 ($100,000 - $30,000 - $10,000).

The net estate is important because it determines how much money will be distributed to the deceased person's beneficiaries or heirs. The probate court will use the net estate value to pay off any outstanding debts and taxes, and then distribute the remaining assets according to the deceased person's will or state law if there is no will. Understanding the net estate value can help beneficiaries or heirs plan for their inheritance and make important financial decisions.

net earnings | net income

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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