An administrator is the person who has the authority to administer the estate of a deceased person, which has been granted by the court because the person did not have a will.
Property of all types, real and personal, which have economic value owned by a person. Assets may range from the obvious like real estate, property, or jewelry to more obscure assets like patents or copyrights.
A creditor is a person or organization to whom money is owed.
The person who passed away.
An estate is the totality of assets and liabilities of a deceased person, including all manner of property, real and personal.
The executor is the person appointed by a testator (the deceased person) to carry out the directions and requests in their will, and to dispose of the property according to their wishes.
A deep and poignant distress caused by bereavement. For more information and resources about dealing with grief visit ContinuedPath.com.
An heir is one who inherits or is entitled to inherit assets.
A person passes without a will.
A cash payment of a percentage of an inheritance made to a beneficiary of that inheritance in exchange for an agreed upon fee, which is usually a small percentage of the total inheritance value, which is collected upon the closing of the estate.
Probate is the legal process that handles the general administering of a deceased person’s will or the estate of a deceased person without a will.
A liability is any obligation to repay something of economic value. Examples of liabilities may include credit cards, mortgages, auto loans, etc.
Life insurance provides a predetermined payment to a beneficiary when the insured person dies. Life insurance is not a part of a person’s estate or the probate process.
A personal representative (PR) or legal personal representative is the executor or administrator for the estate of a deceased person. Personal representatives serve as fiduciaries of the beneficiaries of estates and have the duty to act in good faith and in the best interests of the estate’s beneficiaries.
When a person passes with a will.
A trust is a right in a property (real or personal) that is held in a fiduciary relationship by one party for the benefit of another. A trust is formed under state law.
A will is a legal document declaring a person’s wishes regarding the distribution of his or her property or estate after death.