Losing a loved one can be devastating, and the last thing you want to do is deal with legal issues. But after someone passes away, you may need to go through the probate process. In a previous blog article, we discussed some commonly used probate terms and definitions. Here are 10 more terms to help you understand the probate process.
10 More Commonly Used Probate Terms And Definitions
One step in understanding the probate process is understanding the terms and definitions often used. While this list does not include all the legal terms you may encounter, it will help you to begin understanding the process. Here are some more commonly used probate terms and definitions:
- Attestation – A will often requires the signature of the person making the will and two witnesses. Attestation is witnessing another person signing a document (such as a will). Then, the witness also signs the document, stating they were personally present and witnessed the signature.
- Attorney-In-Fact – the person designated in the power of attorney document to act on behalf of another.
- Decree – A court order.
- Disbursement – The act of distributing money or assets from a fund. This is one of the last steps of the probate process.
- Estate – A person’s total assets, including money, property, investments and personal items. Thus, an estate plan must include all of this, and tells how to care for you if you become ill or incapacitated and how to distribute your assets when you are gone.
- Fair Market Value – That price for which an item of property would be purchased by a willing buyer and sold by a willing seller. It is simply what the property would sell for.
- Inventory and Appraisal – A list of assets in the estate and their value. The executor or administrator will often take an inventory and appraisal of all items included at the beginning of the probate process.
- Irrevocable / Revocable Living Trust – A trust is an instrument that holds a person’s assets. The difference between a revocable and irrevocable living trust is that a revocable trust allows the maker to make adjustments, while an irrevocable trust does not.
- Personal Property – Any property owned by a person that can be moved, such as money, jewelry and artwork. It does not include real property such as a house or land.
- Probate – The legal process of administering a will. It includes the courts validating the will, then allowing the executor to proceed with the probate process of inventory and appraisal, paying all final debts and taxes and distributing the assets.
Probate can be confusing. An experienced probate attorney can help you navigate the process. They can be very involved in the process or only available to answer questions – it is completely up to you.
Illinois Estate and Probate Attorney
Do you have questions about any of these commonly used probate terms or the probate process in general? Our experienced estate and probate attorneys can advise you on the best options to protect your assets and loved ones. Contact the Estate & Probate Legal Group at 630-864-5835 to talk to an attorney today.
AREAS WE SERVE: Cook, DuPage, Kane, Lake, Kendall and Will counties
