Asset – property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies
Beneficiary – person who derives advantage from something, especially a trust, will, or life insurance policy
Claims Period – time period provided by probate process in which creditors with secured debt can make a claim for payment from the estate
Decedent – person who has died
Estate – property or possessions belonging to the decedent
Executor/Personal Representative – person appointed by the will or the Court to administer the estate
Heir(s) – person legally entitled to the property or rank of another on that person’s death (may or may not be a relative)
Intestate – not having made a will before one dies
Liquid Asset – cash on hand or an asset that can be readily converted to cash
Pour-Over Will – testamentary device wherein the writer of a will creates a trust, and decrees in the will that the property in his or her estate at the time of his or her death shall be distributed to the Trustee of the trust
Probate – process by which legal title to property is transferred from the estate of a person who has died to the person or persons who are the beneficiaries of the estate
Real Property – immovable property, esp. land and buildings, including proprietary rights over land, such as mineral rights
Spendthrift – prohibits the beneficiaries from spending or borrowing against the trust funds.
Stirpes – family or branch of a family; line of descent
Trust – an arrangement whereby a person to whom the legal title to property is conveyed (the trustee) holds such property for the benefit of those entitled to the beneficial interest
Venue – County & State where decedent passed away
Will – a document in which a person specifies the method to be applied in the management and distribution of their estate after their death
This glossary is presented as a convenient reference only and should not be considered a substitute for legal advice rendered by a licensed professional. Parker & Cole does not offer, render, or dispense legal counsel or advice. Visitors are encouraged to retain and consult with a licensed professional of their own choosing before entering into a transaction relating to estate planning or a pending probate proceeding.
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