Probate & Trust Real Estate | A Helpful Glossary

Common Terms You May Encounter:

 

Administrator: A person appointed by Probate Court to administer an Estate of a person who died intestate (without a Will).

 

Administrator with Will Annexed:  A person appointed by Probate Court but is not the person who was named in the Will to act as the Executor.  This court-appointed representative administers the Estate of the decedent who died with a Will, under the Independent Administration of Estates Act (IAEA).

 

Affidavit: A written affirmation or statement made under penalty of perjury and notarized.

 

Ancillary Administration: The administration of property owned by a decedent located in a state other than the domicile of the decedent.

 

Beneficiary:  A Beneficiary may be an individual person/organization to whom a gift is made via a Will and who inherits the gifted property. The property may be personal property, real property, or both.

 

Blocked Accounts:  The creation of a bank or other account by court order; a court order is required to withdraw and deposit funds.

 

Certified Probate Real Estate Specialist: A licensed real estate agent or broker with specialized training and certification in probate real estate. Charlene Mariano is a Certified Probate & Trust Specialist

 

Codicil: A Codicil is a written supplement, or amendment, to an existing Will.

 

Community Property:  In California, any property acquired by a husband and wife during a valid marriage.

 

Conservator:  The court appoints a person or organization to manage and protect the financial and/or personal care of a conservatee.

 

Conservatorship: There are different types of conservatorship. Such as, a probate conservatorship can be for the person or the estate.

 

Decedent: The deceased, or a person who passed away.

 

Escheat: When a person dies without a Will and has no surviving heirs, the property reverts, or escheats to the state.

 

Estate: An Estate is comprised of a person’s total assets or possessions.  This includes personal possessions such as cars, clothing, jewelry, cash, securities, and real property. 

 

Executor: The Executor is a person who the deceased named in their Will to carry out their wishes in the Will. The Executor is also known as the Personal Representative (PR) of the decedent’s Estate.

 

Fiduciary: A person/organization that has a legal responsibility to manage the assets in the best interest of the beneficiaries. A great deal of trust, care and advocacy must be taken by the fiduciary. 

 

Grantor:  An individual/corporation who transfers (grants) property to another person.

 

Guardian: Appointed by the probate court, a guardian manages and protects the financial and/or personal care of a minor, or ward of the court. 

 

Heir: An Heir is a person who inherits property in a  Will, or from a person who passes away without a Will.

 

Holographic Will: A Holographic Will is a handwritten Will, dated, and signed by the person who wrote the Will. *Not all states acknowledge a Holographic Will.

 

Independent Administration of Estates Act (IAEA): Allows the Personal Representative to administer the majority of aspects of a decedent’s Estate without court supervision.

Intestate: When someone passes away without a Will, they have passed away intestate.

 

Intestate Succession:  The order in which assets are inherited from people who died intestate, or without a Will.

 

Irrevocable Trust:  The grantor expressly releases the power to revoke the trust.

 

Joint Tenancy:  Property owned jointly by two or more people.

 

Letters of Administration:  Letters of Administration are granted by the judge in probate court, to the administrator of an Estate, as part of the Probate Process.

 

Letters Testamentary:  An Executor of a Will is granted “Letters Testamentary” by the judge as part of the Probate Process.

 

Life Estate: An interest in property that lasts only for the life of the owner, or holder.

 

Life Tenant: A tenant who may retain possession of the property as long as they are alive.

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Personal Property: Generally, all Property that is not real and moveable.

 

Personal Representative: A Personal Representative, often referred to as a “PR” is the person who manages the distribution of the assets of an Estate. A Personal Representative may be an Executor or Administrator, appointed by the Probate Court.

 

Petition: A Petition is a legal document filed with the court. The Petition represents a formal, written request to the court for a specific action or order. For example, the Petition for Probate.

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Probate: Probate is a court-supervised (legal) process to administer an estate.

 

Probate Attorney: An attorney with specialized knowledge, and experience, with probate matters.

 

Probate Administration: Generally speaking, it's the legal process in which the probate court supervises distributes a decedents property/assets, debts, taxes, in accordance with a Will.

 

Probate Court: The court that handles Wills, Probate, Trusts, Guardianships, and Conservatorships, and generally the estate will be public information.

 

Probate Process: The process to systematically distribute an estate under the supervision of the Probate Court.

 

Real Property: Real Property is generally a parcel o land and structures that are permanently attached to the land and is immovable (plus the rights of ownership).

 

Revocable Trust: A trust that may be revoked by the person who makes the trust.

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Tenancy in Common: Holding title to real or personal property by two or more persons with no right of survivorship.

 

Testate:  When someone passes away with a valid Will, they have passed away testate.

Testator: A person who makes a Will.

 

Trusts: Property handed over to a person and held for the benefit of another person. The property is held in trust.

 

Trustee:  A person who holds and manages the property for the benefit of a beneficiary. The person/fiduciary/organization is authorized to manage the trust as the Trustee named in a trust. 

 

Trustor:  A person who establishes a Trust document.

 

Will: A Will, also known as a Last Will and Testament, is a written legal document that dictates the distribution of the decedent’s assets after death. 

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Need Help with Probate or a Trust Sale? Start Here.

Probate or administering a Trust can be incredibly stressful. It’s essential to work with a professional Realtor experienced with Probate and Trusts, and the Los Angeles County court system. 

 

Charlene Mariano is a licensed Professional REALTOR®, Certified Probate & Trust Specialist, and Seniors Real Estate Specialist at Compass, located in Pasadena, CA. She proudly serves the San Gabriel Valley, San Fernando Valley, and Greater Los Angeles areas.

 

Speak with Charlene today to guide you through the process of selling your probate or trust real estate  with understanding and professionalism.

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