Common Terms To Know When Going Through Probate
Are you in the process of going through probate to divide a loved one's estate and feeling a bit confused about some of the terms that are being thrown around? Here are a few key terms that you should know.
Executor
The executor is going to be the person that is in charge of handling the estate during the probate process. They have the responsibility of securing assets until they can be distributed and carrying out any court orders that come out of going through the probate process.
Testate and Intestate
If the person that passed away had a will at the time of their death, they would be considered testate. If they did not have a will, the person would be considered intestate. These are essentially fancy ways for a lawyer to say that the person did or did not have a will when they died.
Attestation
When a will is created by your loved one, it should have their signature and the signatures of witnesses that saw the document signed by the person creating the will. The process of witnessing the signing of the will is referred to as attestation.
Community Property
If the person that passed away has a surviving spouse, know that the assets that they acquired together will be considered community property. That property would still belong to the spouse even if a will was not created. Things get complicated because there are assets that are not considered community property, such as inheritances, which likely need to be part of the probate process.
Contestant
Anyone has the ability to challenge the validity of the deceased person's will during the probate process. This person is legally referred to as the contestant who is technically contesting the will.
Creditor and Encumbrance
If your loved one owed money to anybody before they died and that debt was not paid, they will be considered a creditor. They are allowed to make a claim to the estate for the money that they are owed so that they can receive the debt payment before the rest of the estate is distributed. In some situations, assets need to be sold to pay for those creditor's claims. If the debt is related to property that has a title associated with it, then it is known as an encumbrance.
These terms should help you start to understand probate. If you have any questions, speak with a probate lawyer.
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