Question

Check my 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 $837,500 and Redacre is worth $772,500. What value of realty would be included in Hal's probate estate, and what value would be included in Hal’s gross estate? 10 points eBook Value of realty in probate estate Value of realty in gross estate Print References

Answer 1

Hal and Wendy are married couple, and they own a parcel of realty, Black acre, as joint tenancy with the right of survivorship. Hal dies and the property worth of Blackacre is $837,500.

As they are married and in joint tenancy, the amount included in the estate is half the value of the property held with the surviving spouse as joint tenants with the right of survivorship. So the value $418,750 ($837,500/ 2) of Hal‘s one-half interest in the acre is also included in his gross estate.

Hal owns an additional realty, Red acre on his name alone. Hal died and the property worth of red acre is $772,500.

As he is married and the property is in his name alone, the value $772,500 is included in both his probate estate and gross estate.

The following table explains about Hal’s probate and gross estate as-

Hal's estate
	Probate estate	Gross estate
Black acre		$418,750
Red acre	$772,500	$772,500
Total	$772,500	$1,191,250

Therefore, Hal’s Probate estate value is $772,500 and Gross estate value is $1,191,250