WE CAN HELP MAKE THIS TOUGH TASK FAR EASIER FOR YOU!
Be advised that no one should ever tell you that being an executor or personal representative can truly be stress-free because decisions will indeed have to be made. As an experienced Real Estate Professional, we will make sure that you are always well-informed in regard these decisions-specially as they pertain to real estate. we will also help you with some of the difficult conversations you may have to have with family members and other heirs. if you haven't yet secured the services of a competent probate attorney, we can help you choose one whose good work we knows and are comfortable recommending.
we'll help you at every step along the way and do everything possible to steer you clear of the minefields. Of course you'll still have to make some interesting choices, but having us as an advisor but your side makes the task significantly less lonely.
Glossary of Important Probate Terminology:
Probate is the process of proving that the Will is valid. During probate, the Will is proved to the satisfaction of the court that it's the Last Will and Testament of the person who died. Once the Surrogate (the Judge in Surrogate's Court) is convinced of the validity of the Will, the Executor named in the Will is appointed to distribute the estate and carry out the wishes of the person who died. The Surrogate's Court oversees this process.
What is Probate?
Probate is the analysis and transfer administration of estate assets previously owned by a deceased person. When a property owner dies, his assets are commonly reviewed by a probate court. The probate court provides the final ruling on the division and distribution of assets to beneficiaries.
What Is a Decedent?
"Decedent" is a legal term used by professionals in the tax, estate planning, and law fields for a deceased person. When a decedent is a legitimate taxpayer, all of their possessions become part of their estate, and they are denoted as decedent or deceased. Decedents have legal power over final transactions and other estate preparations if they made the legal preparations before their death.
What is an Administrator?
A person or institution appointed by a court to act on behalf of the deceased person in connection with the administration of a decedent’s estate.
What is a Beneficiary?
The individual or corporation who receives the benefit of a transaction.
What is an Executor?
The individual or corporation appointed in a will by the testator to take care of the testator’s property after his dead. Also called a personal representative.
What Is an Estate?
An estate is everything comprising the net worth of an individual, including all land and real estate, possessions, financial securities, cash, and other assets that the individual owns or has a controlling interest in.
What Is a Will?
A will, also known as a last will and testament, is a legally enforceable declaration of how a person wants their property and assets distributed after death. In a will, a person can also recommend a guardian for their minor children and make provisions for any surviving pets.
What is a Heir?
The person who inherits property under the state law.
What Is Intestate?
Intestate refers to dying without a legal will. When a person dies in intestacy, determining the distribution of the deceased's assets then becomes the responsibility of a probate court. An intestate estate is also one in which the will presented to the court was deemed to be invalid.
What Is an Administration Bond?
An administration bond is a bond that is posted on behalf of an administrator of an estate to provide assurance that they will conduct their duties according to the provisions of the will and/or the legal requirements of the jurisdiction. The bond covers any financial losses to the estate due to dishonest or improper acts by the administrator.