⚖ Probate & Administration

The court-supervised process of settling a deceased person's estate. — 19 terms

• Administrator

  A person appointed by the court to manage an estate when someone dies without a will, or when the will does not name an executor. The administrator performs the same duties as an executor.

• Affidavit of Heirship

  A sworn legal document that identifies the heirs of a person who died without a will. It is often used to transfer property (especially real estate) without going through full probate.

• Ancillary Probate

  A secondary probate proceeding required in a state other than where the deceased person lived, when they owned real property in that other state. This is in addition to the primary probate in their ho...

• Domicile

  Your permanent legal home — the state where you intend to live indefinitely. Your domicile determines which state's laws govern your estate, where your will is probated, and which state can tax your e...

• Executor

  The person named in a will to carry out the instructions in the will and manage the estate through the probate process. Also called a personal representative in many states.

• Fiduciary

  A person or institution that has a legal obligation to act in the best interest of another person. Executors, trustees, guardians, and agents under a power of attorney are all fiduciaries.

• Fiduciary Duty

  The legal obligation of a fiduciary to act in the best interest of the person they serve. This includes duties of loyalty (putting the other person first), prudence (acting carefully), and transparenc...

• Heir

  A person who is entitled to inherit property from a deceased person under state intestacy law (when there is no will). In common usage, 'heir' is often used more broadly to mean anyone who inherits.

• Homestead Exemption

  A legal protection that shields some or all of the value of your primary residence from creditors and reduces property taxes. In estate planning, it often protects the family home from being sold to p...

• Intestate

  Dying without a valid will. When someone dies intestate, state law determines who inherits their assets according to a fixed formula based on family relationships. This may not match what the deceased...

• Letters Testamentary

  An official court document that gives the executor legal authority to act on behalf of the estate. Banks, brokerages, and other institutions require letters testamentary before they will allow the exe...

• Letters of Administration

  An official court document that gives an administrator legal authority to manage an estate when someone dies without a will. It serves the same function as letters testamentary but is issued when ther...

• POD (Payable on Death)

  A designation on a bank account that specifies who receives the funds when the account holder dies. The named beneficiary can claim the funds directly from the bank without probate.

• Personal Representative

  The general term for the person who manages a deceased person's estate through probate. This term encompasses both executors (named in a will) and administrators (appointed when there is no will). Man...

• Probate

  The legal process through which a court validates a will and oversees the distribution of a deceased person's assets. Probate can be time-consuming and expensive, which is why many people try to avoid...

• Small Estate Affidavit

  A simplified legal document that allows heirs to claim assets from a small estate without going through full probate. Each state sets its own dollar threshold for what qualifies as a small estate, ran...

• Surety Bond

  An insurance policy that protects the estate's beneficiaries if the executor or administrator mismanages estate assets. Courts often require a surety bond, though some wills waive this requirement.

• TOD (Transfer on Death)

  A designation on an asset (like a brokerage account or real estate deed in some states) that specifies who inherits it when you die. The asset transfers directly to the named beneficiary without going...

• Testate

  Dying with a valid will in place. When someone dies testate, their assets are distributed according to the instructions in their will, after going through probate.