14:18
@TerribleOverratedPanther: I am having food for lunch! How about you!
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LSDefine
Simple English definitions for legal terms
probate estate
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A quick definition of probate estate:
A probate estate is the collection of things that belonged to someone who has died. This includes things that were in their name, like money in a bank account or a house they owned. It also includes things that didn't have a title, like their clothes or jewelry. The probate court decides what happens to these things, usually following the instructions in the person's will. Some things, like property that was given away before the person died, are not part of the probate estate.
A more thorough explanation:
In trusts and estates, the probate estate refers to the assets that are owned by an individual and are subject to distribution by the probate court after their death. These assets include:
- Property that is solely owned by the individual
- Assets that do not have a title, such as household items and jewelry
- Money owed to the individual before their death, such as proceeds from a wrongful death lawsuit
However, assets that are not part of the probate estate include those that have been transferred to another person during the individual's lifetime or those that are controlled by a survivorship mechanism.
For example, if John owns a house solely in his name and passes away, the house would be part of his probate estate and would be distributed according to his will. However, if John owned a joint bank account with his wife, the account would not be part of his probate estate because it would automatically transfer to his wife upon his death.