More Language of Probate

When you are faced with the death of a loved one, it is extremely helpful to know the language of probate. You may need to talk to lawyers, or at a minimum with mortuary representatives, many of the issues that may arise involve decisions about documents and events that have technical names. Even if a probate is not necessary, it may still be helpful to speak the language.

In the past post, I listed a few of the basic terms. Here are some additional terms that help to clarify the probate process:

Inventory
The assets of deceased person at the time of his or her death. Usually, if a probate is filed with the court, the Personal Representative must file an inventory listing the assets of the estate. This is one reason why some people wish to avoid the probate process entirely. See Appraisal

Appraisal
The document containing the inventory of the estate also contains a valuation of the property listed. This "Inventory and Appraisal" document is provide to each of the heirs as well as the court.

Accounting
A report of the income and expenditures of the transactions occurring during the time the probate is open. Some situations do not require an accounting unless there is a formal probate.

Informal Probate
Under some state's laws a less involved way of probating the estate where formal hearings before the Court are not required.

Formal Probate
Where there is a dispute or potential dispute about a Will or when the Will is missing or never done, the Court requires a more extensive proceeding called a formal probate. Appointment of the personal representative can only be accomplished after a hearing for which all of the heirs have been given notice.

Holographic Will
A will written out in the handwriting of the person making the will. Each state has its own requirements as to whether or not such a handwritten will is valid.

Testator/Testatrix
The person who makes a will.

We will visit this topic again in the future. If you need more information please go to the Jackson White Website.