Probate estate is another name for probate assets and covers the property of a deceased person that must go through probate before it is able to be distributed. The probate estate contains any property that is not considered exempt and that must be included in the probate process. Many of the assets that are considered the probate estate could have been sheltered from probate using an estate planner, these include real estate, savings accounts, CDs, checking accounts, credit union accounts, safety deposit boxes, and stocks and bonds. If these items are placed in a trust prior to death they are not considered part of the estate and so are not subject to estate tax. However, if these are not sheltered in a trust they are part of the probate estate and subject to be taxed.