Did your loved one pass away, and now you’re being bombarded with paperwork, legal speak and overwhelm? This can be a very difficult and emotional time for you. Now you are left to sort everything out. In this video, we’ll discuss all the probate terms you need to know.
We’ve found this type of transaction can be one of the most emotional to navigate, and I feel for you. Here are some terms that you need to know to make your time a little less confusing.
Probate is the process of deciding where, how and to whom to distribute the decedent’s property.
Another term you’ll hear a lot is Personal Representative, or PR for short. As a PR, you are the Estate’s personal representative. Other names to go by are Executor, Executrix or Administrator. This position means that you are the person to handle the estate and ensure that the deceased person’s wishes are performed.
Intestate or Testate
Other Probate terms are, Intestate vs Testate: Testate means someone passed away and left a will. Intestate means they died without a will.
What does Estate mean? Estate is the total possessions or assets including money, jewelry, stocks and land.
Inventory and Appraisal
The Inventory and Appraisal is a list of all assets in the estate.
Property or Estate Value
The term Property Value means, valued at fair market value by the probate referee or judge.
These are just a few of the many terms you are going to see regularly. For more information, or any questions please contact me, or a local probate attorney. Be sure to seek the advice of a lawyer or an attorney. I am not an attorney, but I am just giving helpful information. I’m Eren Millam w/ Premiere Property Group and remember, Extraordinary Service Delivers Extraordinary Results.