Wills and Estates
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This is not a substitute for legal advice. An attorney
must be consulted. To find an attorney in your area,
please CLICK
HERE.
What is an estate?
You acknowledge that LAWCHEK™ owns all rights, title, and interest, including and without limitation all intellectual property rights (as defined below), in and to the forms and information (including LAWCHEK™ website and brand features, including implied licenses, and excluding items licensed by LAWCHEK™ from third parties and excluding any third party property), and that you will not acquire any rights, title, or interest in or to the legal forms or information or copyrights, except as expressly set forth on the site in regard to using the legal forms for information gathering purposes. You will not modify, adapt, translate, prepare derivative works from, decompile, reverse engineer, disassemble or otherwise attempt to derive source copyright from any LAWCHEK™ services or documentation, or create or attempt to create a substitute or similar service or product through use of or access to this website or proprietary information related thereto. You will not remove, obscure, or alter the LAWCHEK™ copyright notice, brand features, or other proprietary rights notices affixed to or contained within any LAWCHEK™ services, software, or documentation (including without limitation the use of LAWCHEK™ brand features with online legal forms, web hosting services, website html codes, or LAWCHEK™ website copyrights, as applicable). "Intellectual Property Rights" means any and all rights existing from time-to-time under patent law, copyright law, semiconductor chip protection law, moral rights law, trade secret law, trademark law, unfair competition law, publicity rights law, privacy rights law, and any and all other proprietary rights, as well as, any and all applications, renewals, extensions, restorations, and re-instatements thereof, now or hereafter in force and effect worldwide.
This is not a substitute for legal advice. An attorney must be consulted. To find an attorney in your area, please CLICK HERE.
What is an estate?
A probate estate includes all the property distributed by an executor or administrator at the time of death. In other words, it is the property that can be disposed of by will, such as property owned outright, the decedent's share of property owned as a tenant in common with another, and life insurance or death proceeds if payable to the estate.
For federal estate tax purposes, the gross estate generally includes all property owned by a person at the time of their death. IRC 2031(a). Thus, a great deal more property may be in the gross estate than is in the probate estate. For example, in addition to the property in the probate estate, it can include life insurance owned by the decedent, regardless of beneficiary, and a share of jointly owned property. In addition to this, it also includes transfers or gifts made during lifetime to the extent the transfers exceeded the $10,000 annual gift exclusion. There are specialized provisions that include such areas as powers of appointment (a power given by another to dispose of certain property as they desire), annuities, joint ownership with rights of survivorship and life insurance.
This is not a substitute for legal
advice. An
attorney must be consulted.
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LAWCHEK, LTD.