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Thanks for all the great answers. They lead me to be more specific. The term "gross estate" is used in a will in regards to distribution of the estate. There is no mention of "gross probate estate". While gross estate is used mostly for determining tax liability, in this case it is not. The intention of the deceased overlooks the POD accounts established years earlier. There was also a home (unencumbered) that was transferred via quit claim deed only days before death. The most direct heir sold and gave away most of the contents of the home without inventory. Probate is not scheduled for several months. Also, the 5% is awarded to the co-executor of the will, if that matters. The estate is valued in the 750k range. Thanks in advance for your help.
8 ANSWERS
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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With an estate that large and all of these potential issues, I really think you need to meet with a lawyer. Some of this just sounds ripe for potential abuses. I would want to have someone look into this before deciding whether to pursue any additional action or not.
Answered on Apr 03rd, 2013 at 9:31 PM
Estate Planning Attorney serving Agoura Hills, CA
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Bruce C. Keswick
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In California the Gross estate is what Attorney Fees and Executor Fees are based on. So on real estate for instance if you have a home worth $500,000 but has a $300,000 mortgage, then the gross amount would be the $500,000.00. Base on the Probate Code the fees are a percentage of the gross. In this case it would be 4% of the first $100,000, 3% of the next $100,000 and 2% of the next amount up to $1,000,000.00.
Answered on Apr 03rd, 2013 at 8:25 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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You are advised to obtain a probate litigation lawyer to represent you, as I can see an argument coming as to how gross estate is interpreted/defined, in determining the basis as to how the estate is to be divided.
Answered on Apr 03rd, 2013 at 7:55 PM
Probate Attorney serving Palatine, IL
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Law Offices of Robert H. Glorch
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There is no way anyone can answer this kind of detailed question without seeing everything involved and getting the full picture.
Answered on Apr 02nd, 2013 at 9:23 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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I don't know why probate is being delayed. It is really the personal representative of the estate that will be able to determine what to do. Unfortunately, in general the testator is presumed to know what he or she is doing; you will need evidence that the testator included the POD accounts in a reference in his will; first, you'll need to show there's an ambiguity in the will in order to even have the right to bring any evidence in. The question becomes, "how much actual money is at stake?" Because you could spend a LOT fighting over this. I would start by looking at that quit-claim deed days before death; that has a feel of fraud to it, if it was transferred to someone other than those people who would take under the will.
Answered on Apr 02nd, 2013 at 8:24 PM
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A Will only impacts probate assets. It does not affect assets with beneficiaries or joint tenancy ownership. Those designations override the Will. For example if William makes a Will that states "I leave 101 Main street to Joe," but 1010 Main Street is held in a joint tenancy with Mary. Mary owns 101 Main Street by operation of law when William dies. Joe gets no interest in 101 Main Street, regardless of what the Will says. A probate "gross" estate is all assets subject to probate before taking in to account liens and debts. A 5% fee is no longer the standard in Nevada, all probate fees to the attorney or personal representative are subject to court approval. A taxable gross estate is something else. For more specific answers, you really need to meet with an attorney. This is not designed at a self-help site, but a site to determine if you need counsel.
Answered on Apr 02nd, 2013 at 8:11 PM
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You really need to sit down with an attorney and go over the facts of your situation and see where you need help. Most attorneys give a free consultation and I think you will get a lot further faster if you take advantage of that instead of using this forum. It is unclear what answers you are looking for but if you simply want to know what the gross estate means, it means the value of all assets without deducting debt.
Answered on Apr 02nd, 2013 at 1:12 PM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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Gross estate is before taxes, debts of the estate are paid and expenses of estate are paid.
Answered on Apr 02nd, 2013 at 1:11 PM