Your Guide to Probate & Trust Real Estate Terms
Learn the Key Terms of Probate and Trust Sales—Explore the Glossary Below to Get Started
100 PROBATE & TRUST REAL ESTATE TERMS
Administrator:
A person appointed by the court to manage and distribute the estate of someone who died without a will.
Affidavit of Death:
A sworn statement used to confirm the death of an individual, often required to transfer property.
Affidavit of Heirship:
A document used to establish the heirs of a deceased person when no formal probate has occurred.
Ancillary Probate:
A secondary probate proceeding required when a decedent owned property in a different state.
Appraisal:
A formal evaluation of property value, often conducted by a probate referee in probate cases.
Beneficiary:
An individual or entity designated to receive assets from a will, trust, or life insurance policy.
Bequest:
A gift of personal property or money left to a beneficiary in a will.
Bond:
A type of insurance that protects the estate from mismanagement by the personal representative.
Capacity:
The legal ability of a person to make decisions and enter into binding agreements, including wills and trusts.
Certificate of Independent Review:
A certificate confirming that a disinterested attorney reviewed a document to ensure fairness.
Citation:
A court-issued order requiring an individual to appear in court regarding a probate matter.
Codicil:
A legal document used to make amendments to an existing will.
Community Property:
Property owned jointly by married couples under applicable state laws.
Conservator:
A court-appointed person who manages the financial or personal affairs of someone unable to do so themselves.
Conservatorship:
A legal process where a court appoints a conservator to manage someone's affairs.
Contesting a Will:
A legal challenge to the validity of a will.
Creditor’s Claim:
A formal request for payment submitted by a creditor against the decedent’s estate.
Decedent:
The person who has died.
Declaration of Trust:
A document that outlines the terms and conditions of a trust.
Deed of Distribution:
A document used to transfer real property from an estate to its rightful heirs or beneficiaries.
Deed of Trust:
A legal document that secures a loan with real property.
Disclaimer:
A legal refusal to accept an inheritance or gift.
Disinheritance:
The act of preventing someone from receiving an inheritance.
Disposition:
The transfer or distribution of property.
Distribution:
The process of passing estate assets to heirs and beneficiaries.
Durable Power of Attorney:
A legal document giving someone authority to act on another's behalf, even if incapacitated.
Encumbrance:
A claim, lien, or liability on real property.
Equity:
The value of an owner's interest in real property after deducting liabilities.
Escheat:
The process by which unclaimed or abandoned property reverts to the state.
Estate:
All assets and liabilities left by a person at death.
Estate Taxes:
Taxes imposed on the transfer of the decedent’s estate.
Executor / Executrix:
The person named in a will to administer the estate.
Family Allowance:
Funds set aside from the estate to support surviving family members during probate.
Fiduciary:
A person or institution obligated to act in the best interests of another.
Final Accounting:
A report summarizing all financial transactions of the estate during administration.
Formal Probate:
A court-supervised process to administer an estate.
Full Authority (IAEA):
Authorization allowing the personal representative to act without court supervision.
Grant Deed:
A deed that transfers property ownership with certain guarantees.
Guardian:
A person appointed to care for a minor or incapacitated person.
Guardianship:
A legal relationship where a guardian is appointed to care for someone.
Heir:
A person who is legally entitled to inherit property when someone dies intestate.
Heggstad Petition:
A petition asking the court to confirm that certain property belongs to a trust.
Holographic Will:
A will entirely handwritten and signed by the testator.
Independent Administration of Estates Act (IAEA):
Law allowing personal representatives to manage estate affairs with minimal court supervision.
Inheritance:
Assets received from a decedent, typically through a will or by law.
Intangible Property:
Non-physical assets like bank accounts or stocks.
Intestate:
Dying without a valid will.
Intestate Succession:
The legal process for distributing assets when someone dies intestate.
Inventory and Appraisal:
A detailed list of estate assets and their appraised value.
Irrevocable Trust:
A trust that cannot be altered or revoked once established.
Joint Tenancy:
Property ownership by two or more people with rights of survivorship.
Letters of Administration:
Legal documents granting authority to the administrator.
Letters Testamentary:
Legal documents granting authority to the executor named in a will.
Limited Authority (IAEA):
Limits requiring court approval for certain actions by the personal representative.
Living Trust:
A trust created during the lifetime of the trustor to manage assets.
Living Will:
A document outlining a person’s healthcare wishes in case of incapacity.
Marital Deduction:
A tax deduction allowing transfer of assets between spouses without estate tax.
Notice of Proposed Action:
A notice informing interested parties of an intended action by the personal representative.
Notice to Creditors:
A formal notice advising creditors of the decedent's death and the deadline to file claims.
Order Confirming Sale:
A court order approving the sale of estate property.
Overbid/Overbidding Process:
A court-supervised process where buyers can bid higher on a probate sale.
Partition Action:
A legal action to divide jointly owned property.
Per Capita Distribution:
Distribution method giving each heir an equal share.
Per Stirpes Distribution:
A distribution method where heirs receive their deceased ancestor’s share.
Personal Property:
Moveable property, such as jewelry or vehicles.
Personal Representative:
The individual managing the estate, either an executor or administrator.
Petition for Probate:
A formal request to the court to begin probate proceedings.
Pour-Over Will:
A will that transfers assets into a trust at death.
Power of Attorney:
A document giving legal authority to act on another’s behalf.
Preliminary Change of Ownership Report:
A form submitted during property transfer to update county records.
Probate:
The court-supervised process of distributing a decedent’s estate.
Probate Assets:
Assets subject to the probate process.
Probate Court:
The court that oversees estate administration.
Probate Estate:
All assets subject to probate proceedings.
Probate Referee:
A court-appointed individual who appraises estate property.
Probate Sale:
The sale of property from a decedent’s estate through probate court.
Property Taxes:
Taxes assessed on real property by local governments.
Public Administrator:
A government official appointed to handle estates when no one else is available.
Quitclaim Deed:
A deed transferring any interest the grantor may have without warranties.
Real Property:
Land and anything permanently attached to it.
Real Property Report: A document outlining the condition and legal status of real property.
Recording:
Filing documents with the county recorder to make them part of public record.
Residual Beneficiary:
A person who inherits the remaining estate after specific gifts are made.
Residue of Estate:
The remainder of the estate after debts and specific bequests are settled.
Revocable Trust:
A trust that can be amended or revoked by the trustor.
Right of Representation:
The legal principle that allows descendants to inherit their parent’s share.
Right of Survivorship:
The right for co-owners to automatically inherit a deceased co-owner’s share.
Small Estate Affidavit:
A legal document used to claim an estate without formal probate when the estate is below a certain value.
Special Administrator:
A temporary administrator appointed for urgent matters before a general administrator is assigned.