Residuary Bequest
A bequest/devise that disposes of the entire contents of the estate after all debts, specific bequest/devises, and costs are distributed. The person(s) who receive this portion of an estate are known as remaindermen.
Remainder Interest
The right of a remainderman to receive what is left of an estate or piece of property after some portion of that estate or piece of property has been given to someone else.
Remainderman
One who is entitled to take what is left over of a piece of property after someone else takes a portion out of that property, whether it be real estate or the assets within a probate estate or trust. See also remainder interest. In real estate, if an owner gives a life estate to one person, and the rest to a third person, the third person is said to have a remainder interest.
Probate Administration
Probate administration is the process by which a deceased person’s debts are paid and the remaining assets are distributed and legally transferred to beneficiaries designated in a will or by the state if no will exists.
Letters Testamentary
The formal instrument of appointment and authority issued by the probate court indicating the authority of the executor or personal representative of an estate of a person who has died with a valid will and the executor is the person nominated as such in the will.
Letters of Administration
The formal instrument of appointment issued by the probate court indicating the authority of the executor or personal representative of an estate of a person who has died without a valid will or if there is no available executor named by the will.
Inventory
Complete listing of all property owned by a deceased person at the time of death. The inventory is filed with the court during probate. The personal representative (executor or administrator) of the estate is responsible for filing the inventory.
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