Understanding Probate Terms
(Part 1: A-F)
Dealing with a loved one’s estate and the probate process isn’t necessarily something that many look forward to. Often just the idea of probate can be enough to overwhelm. This complex process can be a challenge at best, but there are things you can do to make it easier for yourself if you should be named the executor of an estate.
A key place to begin is learning common terms used throughout the probate process. With so many steps to take and lots of unfamiliar jargon bandied about, becoming familiar with basic probate terms will make getting through the process easier to deal with. Listed below are key probate terms you should know.
Abatement: To diminish or cut back bequeathed gifts from a Will in order to satisfy expenses which are due, such as taxes or debt owed by the estate.
Administrator: The person assigned by the court to administer the estate of a deceased without a Will, usually a family member.
Assets: All physical property other than monetary income which is part of an estate.
Attestation: The act of bearing witness to the signature of a document as required by law. A Will must be signed with two witnesses observing, who in turn sign the Will as well.
Beneficiary: A person or organization gifted a portion of, or all of an estate’s property.
Blocked Accounts: Monies or securities which are held in a bank or other type of account which can only be withdrawn from by an order from the court or a statute.
Bequeath: A first-person legal term denoting the giving of personal property to someone.
Bond: Similar to an insurance policy, a bond will guarantee a specific amount of money will be paid if a beneficiary is wrongfully denied an estate bequeathment by the estate executor.
Case Management Conference: A hearing in court with an assigned judge and probate/estate parties, the goal of which is to settle any disputes without going to a full trial.
Chattel: Any personally owned item which is moveable; the opposite of Real Property.
Codicil: A supplemented change or amendment to a Will.
Contestant: Someone who objects to the validity of an existing Will.
Decedent: Legal term for a person who has died.
Deed: The legal document which outlines the boundaries and detailed description of a piece of Real Property.
Devise: Another term now accepted to denote both personal and Real Property.
Disbursement: The handing out of funds and personal property to beneficiaries
Elective Share: Refers to Probate Laws which allow a decedent’s spouse to take possession of a portion of a estate regardless of what a Will bequeaths.
Encumbrance: A restrictive claim against a property title, such as a debt owed.
Estate: The collective of a person’s possessions including real and moveable property as well as monies, securities and other investments.
Executor: A person designated within a Will as the appointed personal representative responsible for the overseeing of an estate and disbursement of beneficiary gifts.
Exemplification: The specific process of certifying the authenticity of court signatures to legal documents.
Expenses of Administration: The financial costs incurred by an Executor during the process of probate such as court fees, attorney fees and other expenses associated with an estate in probate.
Fiduciary: A person or organization responsible for the managing of an estate or property through the highest standard of care and application. This includes personal representatives such as Executors.
There are many more terms worth learning about. Watch for next month’s post where we will review additional probate definitions.
Whatever your circumstances, having an experienced Realtor who can help throughout your time dealing with probate, makes this challenging time less stressful. Please contact me (or call me at 408-472-0817) .
Stephen Theard
*This post is not intended to provide legal advice. Before making legal decisions, consult an attorney.