What term describes the assets owned by a decedent at the time of their death, irrespective of whether there is a will?

The term that describes the assets owned by a decedent at the time of their death, irrespective of whether there is a will, is "estate." This encompasses all the property, real and personal, that the decedent owned at the time of their passing. The estate can include cash, investments, real estate, personal belongings, and other types of assets.

While "probate estate" refers specifically to the portion of the estate that must go through the probate process (which typically includes assets solely owned by the decedent and does not include assets that pass directly to beneficiaries such as life insurance or joint accounts), the term "estate" as a whole is inclusive of everything the decedent owned, regardless of how those assets will be distributed or whether they are subject to probate.

Understanding the distinction between the overall "estate" and the "probate estate" is crucial in the field of mortuary science and estate planning, as it helps clarify what assets need to be administered through legal processes and how they ultimately will be managed after death.