Related Definitions
What is Estate Income?
Income generated by the assets in an estate during the probate process, such as rental income or interest.
Income generated from the assets held within an estate during the probate process, including interest, dividends, and rental income. Estate income may be subject to taxation, and the executor is responsible for reporting this income on the estate’s tax return. Proper management of estate income is important to preserve the estate’s value for beneficiaries and ensure that any debts or taxes owed are paid.
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Related Articles
Insights and advice on trust and probate estate litigation from our blog.
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Key Takeaways Introduction A successor trustee is the individual first in line to take over the administration of a trust when the initial trustee [...]
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Executive Summary Introduction The probate administration process is the court process by which a decedent’s creditors are paid and their remaining assets are distributed [...]