Probate
Asset something of value that can be transferred or gifted to another person.
Beneficiary is a person who will receive assets or other benefits from someone else.
Decedent is a person who has died.
Dispute is a disagreement, argument, or debate that calls into question an issue, provision, or classification of an asset or person.
Interested party is a person who is unbiased or not connected to another person’s rights or property.
Intestate means to die without having made a valid will. An intestate estate is one in which a will was presented in court that determined to be invalid.
Petition is a formal written request to a government, governing party, governing body, or public official asking it to exercise its authority or grant relief.
Personal property is property that is movable and not fixed to real property.
Probate is a legal process used to identify assets and inheritors of a deceased person then determine who to distribute the assets to.
Real property is land, buildings, structures, and equipment that is permanently attached or affixed to it.
Wills
Beneficiary is an individual, group of individuals, or person for whose benefit a Will was created
Decedent is an individual who has died.
Dispute is a disagreement, argument, or debate that calls into question a provision or classification of an asset or person in a will.
Capacity is the ability or power to learn, understand, or retain knowledge.
Community property is distinction used by states to designate property acquired and/or by married couples. Nine states have community property laws – Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Washington, Wisconsin, and Texas.
Competent witness is a person who has the sufficient mental ability to perceive or understand the event they are observing.
Execution to carry out or put into effect.
Fraud is an intentional act or failure to act with deception to obtain an unauthorized benefit or deny a right to a victim.
Gift is a voluntary transfer of property from one person to another without the exchange of something of value.
Holographic Will is a will that is handwritten by the person making it and not witnessed by some other person.
Intent refers to the state of mind with which an act is done or omitted.
Intestate when a person dies without leaving a will.
Joint interest means property held in the name of two or more persons.
Modification is a change or alternation to something.
Personal property is the right or interest in movable things such as household items, stocks, bonds, patents, copyrights, merchandise, and jewelry.
Real property is land, buildings, structures, and equipment that is permanently attached or affixed to it,
Revive means to bring something back.
Revocation means to take back, withdraw, or cancel.
Testator is a person who dies with a valid will. A testator must have been of sound mind when the will was executed which means the person made the will free of duress and coercion from another person.
Undue influence is pressure or manipulation that causes the maker of a will to leave property to a person the maker might not otherwise have left their property.
Uniform Probate Code is a set of laws that tries to simplify the laws concerning wills and estates.
Trusts
Beneficiary is an individual, group of individuals, or person for whose benefit a trust was created.
Blind trust is a legal entity in which the beneficiaries are not aware the trust has been established for their benefit and the trustee has complete discretion over the trust assets.
Charitable trust is established for the benefit of a designated charitable or other non-profit organization.
Estate planning is the process of determining how assets will be preserved, transferred, distributed, and/or managed in the event a person become incapacitated or dies.
Fiduciary is a person or entity that has a legal and ethical obligation to act in the best interest of their client rather than themselves.
Gift is a voluntary transfer of property from one person to another without the exchange of something of value.
Insurance trust is established to shelter a life insurance policy within a trust so that it is removed from a taxable estate and the insurance proceeds can be used to pay estate costs after a person dies.
Marital trust is a legal entity established by a spouse to pass assets to a surviving spouse or other beneficiaries such as children and grandchildren.
Property includes assets such as cash, securities, real estate, life insurance policies and other similar items.
Settlor is the person who establishes a trust. A settlor is also referred to as the donor, grantor, trustor, and trustmaker.
Spendthrift trust is usually established to protect assets from being claimed by creditors.
Trustee is an individual or entity that holds and administers property and assets for the benefit of someone else and generally is required to make decisions for the best interests of the beneficiary rather than the trustee or someone else.
Trustor is an individual or entity that gifts property, money and/or other assets to someone.
Trust fund is a legal entity that molds and manages assets (such as real estate or investment accounts) on behalf of a person.
Community Property
Community property is property that is subject to state’s community property law which treats property acquired during marriage as having equal rights of ownership.
Common law is unwritten laws that are derived from court decisions rather than from statutes.
Division of property is an agreement between spouses, usually during a divorce proceeding, that provides how assets will be divided by them.
Equitable distribution is a judicial allocation of property rights and obligations between spouses.
Executor is a person appointed to carry out the instructions and wishes of a deceased person’s estate. An executrix is a female executor.
Gift is a voluntary transfer of property from one person to another without the exchange of something of value.
Heir means a person who inherits or has the right to inherit property after the death of the property owner.
Inheritance means money, property, or assets received as an heir from the estate of a deceased person.
Separate property is property that was acquired before or after marriage, or from non-marital property, or that married persons have agreed is not community property.