We also know that when buying or selling real property that is a probate or trust sale, attorneys and real estate agents throw out all these different terms and it can be confusing. We thought it would be helpful to provide you with a brief definition of Probate Terms that you need to know:
- Beneficiary: A person who inherits when there is a Will
- Custodian of the Will: The person who has the Will when the person who wrote the Will dies.
- Decedent: The person who died.
- Executor: A person named in a Will and appointed by the Court to carry out the decedent's wishes. This person is usually the "seller" of the real property.
- Heir: A person who inherits when there is no Will.
- Intestate: When someone dies without leaving a Will. Many times when there is no Will, the real property of the decedent requires court confirmation.
- Intestate Succession: The order of who inherits the property when the decedent does not have a Will.
- Legatees, or devisees: People who are named in a Will.
- Personal Representative (or administrator or executor): The person responsible for overseeing the distribution of the estate.
- Probate: The process of deciding where, how and to whom to distribute the decedent's property.
- Testate: When someone dies leaving a Will.
- Trust: When a person (trustee) holds property at another person's (settlor's) request for the benefit of someone else (the beneficiary).
- Will: A legal paper that lists a person's wishes about what will happen to his/her personal and real property after death.
If you have any questions about these terms please don't hesitate to contact us. 310-777-2858
We are here to meet any of your real estate needs in Great Los Angeles. For more information about our services or hot new Probate Listings, please visit our website at www.SanbornTeam.com
