Share:

Legal jargon can make any situation sound more complicated than it is. This is especially true when it comes to estate planning and probate. Unfortunately, if you don’t understand the terms associated with this area of the law, it could inhibit you from protecting loved ones in all eventualities or from settling a relative's estate properly. Therefore, it’s wise to familiarize yourself with such jargon. Here are a few of the most common probate-related terms that everyone should know. 

Probate Terms That You Should Know

1. Intestate

When people die without having created a will, they are said to have died intestate. If this happens, the estate must still pass through probate, but since there is no will, the laws of intestate succession will determine who gets what. 

2. Guardianship

probateIf the deceased cared for a minor child or incapacitated adult, he or she should have established guardianship in the event of their death. In estate planning, establishing guardianship means appointing someone to take over the care of those who legally cannot care for themselves. 

3. Executor

The executor is the individual responsible for settling the estate. It might be a friend or relative who also happens to be a beneficiary, or it might be a neutral third party. If the named executor is not available to fill the role—or there is no will—the court will appoint an administrator to distribute assets and pay back creditors. 

4. Joint Tenancy 

Joint tenancy refers to scenarios in which multiple parties share ownership of a single piece of property. When one of the owners dies, the other inherits his or her interest in the property during the subsequent probate proceedings. 

5. Real Property 

Real property refers to land and the structures that are on it, like houses, sheds, garages, and barns. Personal property, on the other hand, refers to the items inside the structures, like furniture, art, and tools. 

 

Whether you need help drafting a will or settling a loved one’s estate, turn to Lance S. Cox, Attorney At Law. Based in Cincinnati, OH, this probate attorney has more than three decades of experience practicing law. Estate planning and probate aren't his only areas of expertise, though. He also practices business law and tax law and is happy to help both individuals and businesses implement strategies to ensure long-term financial success. To schedule a consultation, complete the contact form on his website or call (513) 528-6000. 

tracking