The legal process used to settle a deceased person’s estate. Probate ensures debts are paid, assets are properly managed, and remaining property is distributed according to a will or state law.
The court that oversees probate cases, approves actions taken by the Personal Representative, and resolves disputes related to estate administration.
The total collection of assets, property, and debts left behind by the decedent. The estate is what is managed and settled during the probate process.
This term refers to a person who has died and left a “Last Will and Testament” that specifies their wishes pertaining to the distribution of the assets of their estate following their death. In this case, the estate will be distributed according to the provisions of the will.
This term refers to a person who has died and did not leave a “Last Will and Testament.” In this case, the administration of the estate will be handled by the court of jurisdiction and according to the laws of the state.
A court-appointed individual responsible for managing and settling an estate when the deceased did not leave a valid will. The Administrator performs many of the same duties as an Executor, including handling assets, paying debts, and distributing property according to state law.
A person, group, or organization named to receive assets from an estate or trust. Beneficiaries may be named in a will, trust, or designated directly on certain accounts such as life insurance or retirement plans.
Any individual, business, or institution to whom the deceased owed money. This can include mortgage lenders, credit card companies, medical providers, or personal lenders.
A simplified probate process available for qualifying estates, typically faster and less expensive than formal probate.
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