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 named beneficiary is Nate's brother Jaime.
• A car valued at $15,000 titled JTRWROS with Nates mother.
• An IRA valued at $400,000 with Nates mother as the named beneficiary.

What is the current value of Nates probate estate in 2022?

1. $500,000.
2. $1,000,000.
3. $1,400,000.
4. $1,415,000.