Probate Terms
As an executor, or a person reading a legal document such as a will or administrator papers, you will find many of the below terms.
A Brief Description of Probate Terms
Administrator: The person who has been appointed to handle the estate, or to replace the executor named in a will if they are unavailable.
Affidavit: A statement in writing of what a person knows, and is notarized.
Beneficiary: A person or other (like a charity) which receives assets, money and such, from the estate.
Community Property: Property that is owned with a spouse. This oftentimes does not include gift or previously inherited property.
Conservatee: The person who a court has stated, because of limitations from physical, mental, or old age, their affairs are being handled by another person (conservator).
Conservator: The person who a court has appointed to manage the daily affairs of another person (conservatee). This may also include financial matters of the estate. This can all be referred to as a conservatorship.
Decedent: The legal term for the person who has died. The deceased.
Declaration: Similar to an affidavit, where it is a written statement of what a person knows about an issue.
Devisees: Persons named by the deceased in a will which usually involves the receiving of assets.
Disclaimer: A statement that denies something. usually intending to remove responsibility.
Domicile: The deceased main residence where they lived. Even if they own more than one home, they only have one domicile.
Escheat: When there is no valid will and no heirs, their property then goes to the state.
Estate: This covers most everything the deceased owned, such as personal possessions, real property, cash, etc.
Estate Taxes: The tax the state (and or federal government) receives from the estate. The current limit not taxed in Washington State is currently $2,129,000 per person. So up to $2,129,000 is tax-free. The federal taxes have higher limits.
Executor: The person who has been stated in the will as the one who will carry out, to the best of their abilities, the instructions in the will.
Fiduciary: A person or entity that manages care or financial matters for an individual and who has legal responsibility at performing a high quality of service.
Grantor: A person or entity that transfers (grants) property to another (grantee).
Grantee: The person or entity receiving property from the grantor. This is usually accomplished by recording a deed in the grantee's name, and recording the deed at the county.
Guardian: An individual or entity that cares for an asset, or another person.
Heir: A person who inherits property from the deceased.
Inheritance Tax: Same as estate tax above.
Intestate: When a person dies without having a will.
Letters: These are documents issued by the court that grants authority to administrators of the estate.
Life Estate: Most often, this refers to a person being allowed to live in a property for as long as they are able.
Personal Property: Anything owned, such as money, stocks, furniture. This does not real property, such as homes, condos, land.
Pet Trust: When financial arrangements have been made for the taking care of a pet.
Petition: When a formal written request to the court is made and filed with the court.
Power of Attorney: Also called General Power of Attorney, Specific Power of Attorney, and Special Power of Attorney. This is a written and notarized document granting permission to someone to act on the behalf of another, which can include the signing of documents, such as deeds and closing papers.
Probate: The legal process of following the instructions in the will, which includes the selling of personal and real property, paying of debts, and other responsibilities stated in the will and by state law.
Probate Court: This is the specific court in Washington State that handles matters concerning wills and related issues.
Real Property: Homes that are built and reside on the land that is also owned by that person (often not mobile homes), and includes condos and raw land.
Separate Property: When property and/or other assets are owned separately and not jointly owned with a spouse.
Testate: When a person dies with a valid will which states what is to be done with the property and such.
Testator: The person who the will is for. The deceased is the testator.
Trust: An entity created for the purpose of managing certain assets for the benefit of another, usually named in the will.
Ward: A person under 18 years of age. A minor.
Will: A formal document created for the purpose of stating what happens with various assets and other issues upon the death of that person. This is usually prepared by an attorney, though sometimes is prepared by the testator. It should be signed.
Feel free to contact me with any questions you may have.
I take great pride in serving my clients well, and that so many have recommended me to their friends, family, and co-workers.
Years of Experience
My two decades of probate home selling experience and marketing knowledge is your key to getting your home sold for its highest price - and this will net you the most amount of money.
With my strong dedication to doing what is best for you and getting your home sold, you can take comfort in knowing that I am working hard for you.
I will use my many years of experience as a Probate Real Estate Agent to get you and all the heirs to the estate the most amount of money possible, and will strive to make it easy and hassle-free for you.
Selling Strategies
Of course, most executors and heirs to the estate want to achieve the highest possible selling price. Over the years, I have developed many methods to achieve this goal. And doing so within the probate process, and potentially legal issues and administrators to take into account, there is definitely a proper way to go about it.
I would welcome the opportunity to speak with you about this process. You can also read more about it here.
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