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Nate owns the following property:A personal residence titled fee simple valued at $500,000. A $500,000 life insurance policy on his own life.

  • Nate owns the following property:A personal residence titled fee simple valued at $500,000.
  • A $500,000 life insurance policy on his own life. The only named beneficiary is Nate's brother Jaime, who died 6 months ago leaving two children, Michael and Kristi.
  • A car valued at $15,000 titled JTRWROS with Nate's mother.
  • An IRA valued at $400,000 with Nate's mother as the named beneficiary.

 

What is the current value of Nate's probate estate?

$500,000.

$1,000,000.

$1,400,000.

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