What do the terms "gross estate" and "net estate" mean in California?

A: When a person dies and leaves an estate, its value needs to be ascertained. The decedent's gross estate is the fair market value at the date of his or her death of all property that he or she owned. It includes everything which the decedent owned or in which he or she had any financial interest, like real estate, shares, or business partnerships, regardless of any debts owed and in whatever manner title to the property was held. For property held in concurrent ownership (meaning that the property is held by more than one person at the same time) - like joint tenancy or community property - only the decedent's share is calculated in the gross estate.

The non-monetary value of the gross estate is appraised by a probate referee.

The net estate is the value after subtracting from the gross estate the total amount of any mortgages, liens, taxes, and other debts owed by the decedent at the time of his or her death.