Question

Hal and Wendy are married, and they own a parcel of realty, Blackacre, as joint tenants with the right of survivorship. Hal owns an additional parcel of realty, Redacre, in his name alone. Suppose Hal should die when Blackacre is worth $800,000 and Redacre is worth $750,000. What value of realty would be included in Hal's probate estate, and what value would be included in Halls gross estate? Answer is complete but not entirely correct. Value of realty in probate ostate Value of realty in gross estate 750,000 $ 400,000

Answer 1

what value of realty would be included in Hal's probate estate, and what value would be included in Hal's gross estate?

Answer:-

Redacre ($750,000) would be included in Hal’s probate estate because the title of this parcel would need to be changed through probate. In contrast, the title to Blackacre would not be included in Hal’s probate estate because the title would be changed automatically to Wendy’s name. Hal’s gross estate would include the value of the property subject to probate ($750,000) and half the value of the property held by husband and wife with the right of survivorship ($400,000).