AUGMENTED ESTATE Meaning and
Definition
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Augmented estate refers to a legal term that defines an expanded version of an individual's total estate, particularly in the context of estate planning and inheritance. It is a concept used in some jurisdictions to calculate the value of an individual's estate for the purpose of determining the rights of different parties, such as surviving spouses and children, to inherit or claim a share of the assets.
In general, an augmented estate includes not only the assets owned solely by the deceased person at the time of their death but also certain other assets that the individual may have transferred during their lifetime. These transfers are typically made with the intention to reduce the overall value of the estate and therefore decrease the amount available for inheritance.
The augmented estate may encompass a variety of assets, including property, cash, investments, and insurance proceeds. Additionally, it can also include assets that were disposed of by the deceased through fraudulent means or gifts made within a certain timeframe prior to their death. It is important to note that the specific rules and regulations governing augmented estates can vary depending on the jurisdiction.
The concept of an augmented estate is crucial in cases where a deceased person has intentionally tried to manipulate their estate to avoid claims from certain heirs or to secure the financial future of a surviving spouse or dependents. It ensures that certain individuals who may have a legal or moral right to inherit are not left completely without a share of the deceased person's assets.
Common Misspellings for AUGMENTED ESTATE
- zugmented estate
- sugmented estate
- wugmented estate
- qugmented estate
- aygmented estate
- ahgmented estate
- ajgmented estate
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- a8gmented estate
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- aufmented estate
- auvmented estate
- aubmented estate
- auhmented estate
- auymented estate
- autmented estate
- augnented estate
- augkented estate
- augjented estate
- augmwnted estate
Etymology of AUGMENTED ESTATE
The word "augmented" in the term "augmented estate" comes from the Latin word "augmentare", which means "to increase" or "to enlarge". The concept of an augmented estate is related to the increase or enlargement of a deceased person's estate to include certain interests or assets that would not typically be considered part of the probate estate. This term is commonly used in the context of inheritance law and is often associated with elective share statutes that allow a surviving spouse to claim a portion of the decedent's assets beyond what is explicitly bequeathed to them in the will.
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