Common Probate Terms To Know – Did your loved one pass away, and now you’re being bombarded with paperwork, legal speak, and general overwhelm? First of all, I’m very sorry for your loss. This can be a very difficult and emotional time for you, and I know that now you’d love to sort everything out.
Hi, my name is Paula Quinn with RE/MAX Central, and over all the years I’ve been selling real estate, I’ve found that this type of transaction can be one of the most emotional to navigate, and I truly do feel for you.
So here are some terms that you need to know to make your time a little less confusing.
So, there’s probate, okay? Probate is the process of deciding where, how, and to whom to distribute the decedent’s property.
Another term that you may have heard is personal representative. You may have been chosen as the personal representative, also known as the executor or the administrator. This means that you’re the person designated to administer the estate and ensure that the deceased person’s wishes are performed.
Other probate terms are intestate versus testate. So testate means someone passed away and left a will. Intestate means that they died without a will.
So what does estate mean? Estate is the total possessions or assets, including money, jewelry, stocks, land, home, that type of thing.
The inventory and appraisal is a list of all the assets in the estate, and the term property means that it’s the home, or the land, valued at fair market value often by a probate referee.
These are just a few of the many terms you’re gonna see regularly. For more information or any questions, please just feel free to reach out and contact me or a probate attorney in Little Falls, Minnesota. Always be sure to seek the advice of a lawyer or an attorney as I am not one, but simply giving helpful information. I’m Paula Quinn with RE/MAX Central. And remember, I want you to love where you live.