Estate & Trust Administration For Dummies, 2nd Edition

Chapter 2

Exploring the Ins and Outs of Estates

IN THIS CHAPTER

Classifying the estate differently for probate administration and tax purposes

Knowing what to do regardless of whether the decedent left a will

Determining who inherits

Figuring out How to define the estate for tax purposes

When you’re named as executor or administrator of an estate for the first (or second or third) time, you may have some questions as to what, exactly, an estate is, and about the whole probate estate and estate tax process in general. Before you can administer an estate, you need to have a firm grasp of what an estate is. Don’t worry, though — you don’t have to become an estate and trust attorney. We provide you with the ABCs of estates right here. Consider it your entry-level course to understanding the basics on estates.

This chapter defines many of the terms associated with estates, lays out the process of determining who inherits, and explains the difference between the estate as it’s defined for probate purposes and for estate tax purposes. So read on, dip your toe in, or take the plunge — we ...