probate estate

probate estate. A decedent’s property subject to administration by a personal representative. • The probate estate comprises property owned by the decedent at the time of death and property acquired by the decedent’s estate at or after the time of death.

— Also termed probate property. See decedent’s estate under ESTATE(3). [Cases: Executors and Administrators 38–61; Wills

4. C.J.S. Executors and Administrators §§ 2, 121–127, 129–151; Wills § 53.]

net probate estate. The probate estate after the following deductions: (1) family allowances, (2) exempt property, (3) homestead allowances, (4) claims against the estate, and (5) taxes for which the estate is liable.

— Also termed net estate. Cf. adjusted gross estate (1) under ESTATE(3). [Cases: Internal Revenue 4149–4185; Taxation 895. C.J.S. Internal Revenue §§ 500, 503–539, 541–546, 798; Taxation §§ 1900–1909, 1918–1931, 1941–1944, 1948.]

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词条贡献者

法律翻译Glen，毕业于英国一流的高级翻译学院，专注翻译各类与交易架构和策略有关的法律文件。