Glossary Probate and Trust

Glossary Probate and Trust

  • Ginette Skelton
  • 04/7/22

Import Key Probate and Trust Phrases

Here is a Glossary Probate and Trust with terms you’ll want to know:

Agent: A person who acts on another person’s.

Attorney In Fact: A person who is given written authorization to act on another behalf by a Power of Attorney Document.

Beneficiary: (1) The person for whose benefit a trust is created. (2) The person to assets of a financial account, insurance policy, or annuity is payable. The trustee and the beneficiary can be the same person.

Custodian of the Will: The person who has the Will when the person who wrote the Will dies.

Decedent (or deceased): The person who died.

Decedent’s estate: All the property (real or personal) that a person owned at the time of death.

Executor: An individual or a trust institution nominated in a will and appointed by court to settle the estate.

Fiduciary: An individual or a trust institution charged with the duty of acting in the interest of another party. Examples: trustees, executors and administrators.

Grantor: A person who creates a trust, such as a living trust, to become operative his lifetime; also called donor, settlor, and trustor.

Heir: A person who inherits when there is no Will.

Intestate: When someone dies without leaving a Will.

Intestate succession: The order of who inherits the property when someone dies without a Will.

Irrevocable Trust: A trust that cannot be revoked by the settlor.

Legatees or devisees: People who are named in a Will.

Personal property: Things like cash, stocks, jewelry, clothing, furniture, or cars.

Personal representative (or administrator or executor): The person responsible for overseeing the distribution of the estate.

Probate (Verb): To present a will to the court for appointment of the executor administrator.

Probate (Noun): Process of transferring title from a deceased person to their heirs law.

Power of Attorney: A document authorizing the person named to act as agent, behalf of another.

Real property: Buildings and land.

Revocable Trust: A trust that may be terminated by the settler.

Successor Trustee: A trustee following the original or a prior.

Testate: When someone dies leaving a Will.

Trust: When one person (trustee) holds property at another person’s (settler’s) for the benefit of someone else (the beneficiary).

Will: A legally enforceable declaration of a person’s wishes in writing regarding to be attended to after his or her death.

Work With Ginette

Whether you are buying or selling, you will benefit from Ginette's expert knowledge of the Long Beach CA Real Estate market, as well as her 20+ years of probate and trust experience. Contact Ginette today!

Follow Me on Instagram