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Category Archives: Probate

Trustee

A person or institution who is in charge of and takes care of the assets of a trust. A trustees owes fiduciary duties to the beneficiaries and must treat all classes of beneficiaries, either current or future, equally and fairly.

Transfer on Death

A type of non-probate transfer usually used on motor vehicles, stocks or brokerage accounts, etc.

Testate

Having left a valid will at one’s death, as opposed to “intestate,” having died without leaving a will.

Statement of Account

A report indicating the account status of an agreement between creditor and debtor. The statement is usually issued by the creditor indicating details such as the unpaid balance due and payment history.

Small Estate

An estate that contains property with a value small enough to be eligible, under state law, for simplified probate procedures or out-of-court transfers of the deceased person’s property.

Residuary Estate

That part of an estate which remains after the payment of charges, debts, legacies, and devises. The person(s) who receive this portion of an estate are known as remaindermen.

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 Estate

All the property owned by a person, including real estate and personal property.

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