The value of the estate is $48000
You solve this equation by looking at the known information:
3 daughters, split half of the estate between them
= $8000 each
1 wife, half of the entire estate
Therefore, you must add the the daughters estates together:
$8000 x 3(for each daughter) = $24000
This means that the wife's estate also equaled $24000
$24000 x 2(from the wife's estate and all 3 daughters estate totaled up)
=$48000
This is how you can see that the entire estate would equal $48000.
LegateeAlso known as a beneficiary, a legatee is a person or organization who is named in a will to receive a portion of the decease's estate.
For example: If a person's estate is distributed on a pro rata basis, each claimant in the estate is entitled to that portion of the estate based on the amount of his/her claim. Let's say the estate is currently worth $10,000. You have a claim against the estate for $20,000, and your sister has a claim against the estate for $2,000. There is not enough money to pay either one of you in full. This is where pro rata takes place. You compare your claim to the size of the other claim. Your claim is ten times what your sister's claim is. You will receive ten times whatever she gets, up to the amount that is in the estate. Since the estate is only $10k, you have to divide it by 11 (your share of 10 to her share of 1) 10:1. For every one dollar she gets, you get ten. So the mathematical equation: 10,000/11=909 Each part is worth $909. She only gets one part. You get ten. You will receive $9,090 and your sister will get $909. Just to be fair....I would split the last dollar with her so you each get .50 more.
its not used in real estate
You might be thinking of the 'Fourth Estate'. For more about this please consider viewing the wikipedia article.
Calculating dimensions of properties.
Assets that are not specifically devised, a devise that fails for some reason and assets that come into the estate after the death of the testator, such as an award in a lawsuit, make up the residuary estate. For example, if the testator simply left all her estate to be equally shared by her three children, they will share the entire residuary estate. She could also leave her real estate to one daughter and direct that all the rest of her estate be shared by her other two daughters. In that case, the real estate is not part of the residuary.
A sole beneficiary should, in theory, receive the entire estate, minus the fees of the executor.
It depends on the will and who is inheriting the money. A spouse can receive the entire estate with no taxes.
Estate taxes are levied on the entire estate of a person.
Estate taxes are levied on the entire estate of a person.
Estate taxes are levied on the entire estate of a person.
No. They should buy out the third share and split costs and profits between 2.
No, the beneficiaries receive the estate. An executor could be a beneficiary
The estate was equally divided by the children. The chess masters were equally matched. It was equally apparent that they had no source of income.
If the estate is declared bankrupt by the court the heirs receive nothing and the creditors are out of luck.If the estate is declared bankrupt by the court the heirs receive nothing and the creditors are out of luck.If the estate is declared bankrupt by the court the heirs receive nothing and the creditors are out of luck.If the estate is declared bankrupt by the court the heirs receive nothing and the creditors are out of luck.
The beneficiaries receive the full estate value
In fact, this is how most wills are set up. They pay out a percentage of the estate. For example, if the estate was worth $100,000.00 and a beneficiary was to receive 15% of the estate, they would receive $15,000.00.