What term describes the assets owned or controlled by a decedent immediately before death, which pass as a result of the decedent's death?

The term that accurately describes the assets owned or controlled by a decedent immediately before death, which pass as a result of the decedent's death, is probate assets. This category includes all property that is subjected to the probate process after a person's death, meaning it requires validation and administration under the probate court.

Probate assets are generally those that do not have designated beneficiaries or are not held in a trust. These assets undergo formal distribution and may include real estate, bank accounts, personal belongings, and investments owned solely by the decedent. Proper understanding of this concept is crucial for managing the estate effectively and for ensuring that the decedent's wishes are honored in accordance with their will or state law in cases of intestacy.

Taxable estate typically refers to the total value of the decedent’s estate subject to estate taxes, which may not include all probate assets. An estate trust is a specific arrangement for managing assets, often established to minimize taxes or provide for beneficiaries, rather than directly describing the assets at the time of death. Intestate property refers specifically to property owned by someone who dies without a valid will, which is a subset of probate assets. Understanding these distinctions is vital in the context of estate management and planning.