If you have recently lost a family member or loved one you are likely going through a tremendous amount of grief. On top of that, you may be faced with handling the probate of the individual’s estate. If you are unfamiliar with the probate process, it can be daunting. Understanding some of the terms used in the probate process can help you feel a bit less confused.
- Probate Court—The court that handles matters concerning wills, trusts and estates. A probate court may also handle guardianships and conservatorships. Most court systems have a specific court designated to handle probate matters, but there are exceptions to this general rule.
- Small Estates—Sometimes, an estate is not required to go through formal probate. In this case, there may be a special process, known as small estate administration, small estate affidavits, or something similar that can be used. Qualifying for a small estate process is usually based on the size and/or value of the estate.
- Decedent – Person who died.
- Testator – Person who executed a Will
- Holographic Will – A handwritten Will.
- Intestate—Term used to describe an estate when a decedent did not leave behind a valid Last Will and Testament.
- Testate – Dying with a valid Will in place.
- Estate – Everything a person owns at the time of death, including real and personal as well as tangible and intangible property.
- Codicil – Amendment or attachment to an existing Will.
- Executor – Person named in the Last Will and Testament to oversee the probate of the Will.
- Personal Representative – Person appointed by a court to oversee the probate of the estate when a Will was not executed
- Trust – When someone places property in the hands of another person for the benefit of someone.
- Trustee – Person who administers a trust.
- Heir – Person who stands to inherit under the state’s intestate succession laws.
- Beneficiary – Person who is named in a Will or trust as receiving a gift.
Latest posts by Paul Gantner (see all)
- Joint Tenancy Pros and Cons - May 9, 2020
- Whom Do You Want to Get Your Assets? - May 8, 2020
- Planning for theSECURE Act - May 7, 2020
