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Executor Resources Glossary Administration of an Estate Any proceeding relating to the settlement of a decedent's estate, whether testate or intestate. The proceedings by which the assets of a decedent are inventoried and appraised, the decedent's debts are determined and paid, the amount of taxes calculated and paid, and the remaining assets distributed to the persons or entities entitled to them either by the terms of the decedent's Will or by the laws of intestacy. Back to top. Administrator Person named by the court to represent the estate when there is no will or the will did not name an executor; also called a "personal representative." Back to top. Appraisal The process of arriving at the market value of the assets in the estate of a decedent through the use of appraisers and other objective proof. Back to top. Appraiser An objective and qualified person selected by the personal representative or appointed by the court to ascertain and report to the court the fair market value of personal and real property in an estate. Back to top. Beneficiary The recipient of assets of an estate under a Will or trust or of the proceeds of a life insurance policy. Back to top. Decedent A deceased person, usually the person whose estate is subject to administration. Back to top. Descendants Children, grandchildren, great-grandchildren. Back to top. Estate All real and personal property left by a decedent in which he or she had a right or interest. Back to top. Estate tax A transfer tax imposed on the value of property left at death; often called an inheritance tax or death tax. Back to top. Executor The person or institution named in a will who is responsible for the management of the assets and the ultimate transfer of the property; also commonly referred to as a "personal representative" or "fiduciary." Back to top. Fiduciary The person or institution named in a will who is responsible for the management of the assets and the ultimate transfer of the property; also commonly referred to as a "personal representative" or "executor." Back to top. Guardian One who is legally responsible for the care and well-being of a minor. Appointed by a court, the guardian is under court supervision. Back to top. Heir Any person who is entitled to an interest in the estate of a decedent by reason of the laws of intestate succession (where there is no Will). Back to top. Intestate Usually refers to a decedent who died without leaving a valid Will; partial intestacy occurs when the Will does not dispose of all of the estate. Back to top. Inventory A listing of all the decedent's assets. An inventory is filed with the court by the personal representative in a court supervised estate. Back to top. Probate Probate is a court process that validates a person's will and oversees the distribution of assets subject to the terms of the will. If a person dies without a valid will (intestate), the probate court will apply applicable state law to determine the estate's beneficiaries. The estate executor and attorney are eligible to receive fees for administering the estate through the probate process. Probate fees, and the time associated with the court process, vary by state and by the size of the estate. The probate court is a public process and estates that pass through the court will be a matter of public record. Back to top. Real Property Land and anything permanently attached to it. Back to top. Testate Leaving a valid Will at death. Back to top. Will A legally binding document directing the disposition of one's property, which is not operative until death and can be revoked up to time of death or until there is a loss of mental capacity to make a valid will. Back to top. |
| For concerned professionals... The impact of probate issues extends beyond executors and their attorneys to those who do business with and minister to grieving families. These professionals see firsthand the emotional toll of death and the financial burdens it can cause for those who are left behind.  Learn More |
How long has Estate Group been in business? Estate Group started out buying estate properties in "as is" condition for several years, before deciding to help executors deal with all the other parts of the property such as removal of contents, lawn care and fixing the property up to top market condition. Learn More |
