Asset – property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
Beneficiary – person who derives advantage from something, especially a trust, will, or life insurance policy
Claims Period – Time period provided by probate process in which creditors with secured debt can make a claim for payment from the estate
Decedent – Person who has died
Estate – Property or possessions belonging to the decedent.
Executor/Personal Representative – Person appointed by the will or the Court to administer the estate.
Heir(s) – person legally entitled to the property or rank of another on that person’s death (may or may not be a relative)
Intestate – not having made a will before one dies.
Liquid Asset – Cash on hand or an asset that can be readily converted to cash.
Pour-Over Will – testamentary device wherein the writer of a will creates a trust, and decrees in the will that the property in his or her estate at the time of his or her death shall be distributed to the Trustee of the trust.
Probate -Process by which legal title to property is transferred from the estate of a person who
has died to the person or persons who are the beneficiaries of the estate.
Real Property – immovable property, esp. land and buildings, including proprietary rights over land, such as mineral rights.
Spendthrift – prohibits the beneficiaries from spending or borrowing against the trust funds.
Stirpes – family or branch of a family; line of descent
Trust – an arrangement whereby a person to whom the legal title to property is conveyed (the trustee) holds such property for the benefit of those entitled to the beneficial interest
Venue – County & State where decedent passed away
Will – A document in which a person specifies the method to be applied in the management and distribution of their estate after their death.