Glossary of Probate & Estate Terms

Top 12 Common Terms

Administrator
A person appointed by the court to manage and settle an estate when there is no will.

Appraisal
An estimate of a property's market value, usually done by a licensed professional.

Assets
Anything owned by a person that has value, such as cash, real estate, investments, or personal property.

Beneficiary
A person or organization named to receive property or benefits from a will, trust, or insurance policy.

Codicil
A written amendment to a will that changes its terms without replacing the entire document.

Decedent
The person who has died.

Executor
A person named in a will to carry out the terms and manage the estate.

Heir
Someone entitled by law to inherit property when there is no will.

Intestate
Dying without a valid will, leaving the estate to be distributed under state law.

Personal Representative
A general term for someone appointed to administer an estate, whether named in a will (executor) or appointed by a court (administrator).

Probate
The legal process of validating a will, settling debts, and distributing assets of an estate.

Trust
A legal arrangement in which property is managed by one party for the benefit of another.

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