PROBATE & LEGAL TERMS (GLOSSARY)
Five Important Facts About Probate
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Probate is a court-supervised process used to transfer and administer certain assets owned by a person who has died.
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Not every asset must go through probate. Assets held in a living trust, jointly owned assets with survivorship rights, and assets with valid beneficiary designations may transfer outside probate.
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Probate can take considerable time and involve substantial expense. The duration and cost depend on the value and complexity of the estate, creditor issues, disputes, and court requirements.
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Incapacity during life can create challenges similar to probate. Without appropriate planning, a court proceeding known as a conservatorship may be required to appoint someone to manage an incapacitated person’s financial or personal affairs.
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Thoughtful estate planning can reduce or avoid the need for probate and conservatorship. A properly prepared and funded living trust, together with powers of attorney, an advance health care directive, and coordinated beneficiary designations, can help provide an orderly transition.
Key Probate Forms
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PROBATE & LEGAL TERMS (GLOSSARY)
Administrator
The person responsible for overseeing the distribution of the estate, and may also be referred to as the “Personal representative”
Beneficiary
A person designated by the decedent who inherits under a Will.
Creditor’s Claim
A written claim filed by a person or entity owed money by a decedent.
Court
The Los Angeles Superior Court, Probate Division.
Custodian of the Will
The individual who has the physical possession of the Will when the individual who wrote the Will dies.
Decedent (or deceased)
The person who died.
Decedent’s estate
All the property (home and/or personal effects) that a person owned at the time of death.
Executor
A person named in a Will and appointed by the Court to carry out the decedent’s wishes written in the Will.
Heir
A person recognized by law, who inherits when there is no Will.
In-kind
The distribution of a particular asset to a beneficiary.
Intestate
When someone dies without leaving a Will.
Intestate succession
The order in which heirs inherit the decedent’s estate when a person dies without a Will.
Interested parties
Persons who have requested notice for Court proceedings for an estate administration.
Legatees, or devisees
This is another term for Beneficiary.
Next–of–kin
Family members, who are in the closest relationship to the decedent.
Personal property
Items owned by the decedent at time of death, such as cash, stocks, jewelry, clothing, furniture, or cars.
Personal representative
Individual(s) responsible for overseeing the distribution of the estate. The individual(s) may also be called the Administrator(s).
Probate proceeding
The legal process of deciding where, how, and to whom to distribute the decedent’s estate, is supervised by the Court and generally applies to decedent estates with a value exceeding $150,000, at the time of death.
Public Administrator (PA)
A branch of the Department of the Treasurer-Tax Collector for Los Angeles County, responsible for investigating, managing, and administering certain cases of deceased Los Angeles County residents.
Real property
Buildings and land, including the residence owned by the decedent at the time of death.
Summary proceeding
Transfer of a decedent’s assets without Court supervision. Summary proceedings are only conducted by the Public Administrator, with limited or no Court supervision, where the total value of the decedent’s estate does not exceed $150,000.
Testate
When someone dies leaving a Will.
Trust
When a person (trustee) holds property at another person’s (settlor’s) request for the benefit of someone else (beneficiary).
Will
A legal document that lists a person’s wishes about what will happen to his/her estate after death.