A decedent is a term used in law and in financial contexts to refer to a person who has died. It is most commonly used in the context of estates, taxes, and legal proceedings.
Net Estate is the portion of a decedent's estate that is subject to estate tax after all allowable deductions such as debts, funeral expenses, and administration costs have been subtracted from the gross estate.
A pecuniary bequest is a specific sum of money given to an heir as stated in a decedent's will.
A probate estate includes all property that passes under a will or by state intestate succession laws from a decedent to their heirs or other beneficiaries. It is distinct from the gross estate.
The stepped-up basis is a method to adjust the valuation of property inherited from a decedent to its fair market value as of the date of the decedent's death.
