Definition of probate: Probate is the process by which a person’s debts are paid and the remaining assets titled in the decedent’s name are distributed upon their death; a legal process that occurs after death and provides for the legal transfer of probate assets to beneficiaries designated in a will or by the state if no will exists.
Probate Administration Terminology
Click on the Areas of Practice below for definitions.
Definition:
The legal transferring and distribution of the assets of an estate.
Definition:
The original cost of an asset to be used to determine the amount of capital gain (or loss) upon its sale. The basis be increased or decreased over time due to capital improvements or depreciation.
Definition:
Any person or entity who is to receive assets, profits or other benefits from an estate, trust, insurance policy, or any instrument, contract or account in which there is distribution. Trust beneficiaries are also known as cestui que use or cestui que trust.
Definition:
Debts and Creditor’s claims filed against estates.
Definition:
The act of mixing, sharing or pooling of funds belonging to one party with those of another party. Commingling of trust funds, personal and business funds, or principal and agent’s funds is generally prohibited under Missouri law.
Definition:
The person who has died, sometimes referred to as the “deceased.”
Definition:
A person who is a blood relative in the direct line to an ancestor, such as child, grandchild, great-grandchild and on forever. Also known as a lineal descendant. Compare – collateral descendant, a relative descended from a brother or sister of an ancestor.
Definition:
The estate tax is a tax imposed on the property and assets that an individual leaves behind or transfers at death. Under 2013 laws, the first $5.25 million of the estate is exempt from the tax. Additionally, the exemption is “portable” between spouses, meaning a married couple can pass up to $10.5 million to beneficiaries without incurring any estate taxes.
Definition:
The person appointed to administer the estate of a person who has died leaving a will which nominates that person.
Definition:
The distribution of property when a person dies without leaving a valid will. The spouse and heirs will take by the laws of descent and distribution. Missouri’s general rules for intestate succession are found at R.S.Mo. 474.010.
Definition:
A situation where a person dies without leaving a valid will.
Definition:
Complete listing of all property owned by a deceased person at the time of death. The inventory is filed with the court during probate. The personal representative (executor or administrator) of the estate is responsible for filing the inventory.
Definition:
The formal instrument of appointment issued by the probate court indicating the authority of the executor or personal representative of an estate of a person who has died without a valid will or if there is no available executor named by the will.
Definition:
The formal instrument of appointment and authority issued by the probate court indicating the authority of the executor or personal representative of an estate of a person who has died with a valid will and the executor is the person nominated as such in the will.
Definition:
The modern term for an executor or executrix.
Definition:
Probate administration is the process by which a deceased person’s debts are paid and the remaining assets are distributed and legally transferred to beneficiaries designated in a will or by the state if no will exists.
Definition:
Court limited to the jurisdiction of probating wills and administering estates.
Definition:
All the property owned by a person, including real estate and personal property.
Definition:
The right of a remainderman to receive what is left of an estate or piece of property after some portion of that estate or piece of property has been given to someone else.
Definition:
One who is entitled to take what is left over of a piece of property after someone else takes a portion out of that property, whether it be real estate or the assets within a probate estate or trust. See also remainder interest. In real estate, if an owner gives a life estate to one person, and the rest to a third person, the third person is said to have a remainder interest.
Definition:
A bequest/devise that disposes of the entire contents of the estate after all debts, specific bequest/devises, and costs are distributed. The person(s) who receive this portion of an estate are known as remaindermen.
Definition:
That part of an estate which remains after the payment of charges, debts, legacies, and devises. The person(s) who receive this portion of an estate are known as remaindermen.
Definition:
An estate that contains property with a value small enough to be eligible, under state law, for simplified probate procedures or out-of-court transfers of the deceased person’s property.
Definition:
A report indicating the account status of an agreement between creditor and debtor. The statement is usually issued by the creditor indicating details such as the unpaid balance due and payment history.
Definition:
Having left a valid will at one’s death, as opposed to “intestate,” having died without leaving a will.
Definition:
A type of non-probate transfer usually used on motor vehicles, stocks or brokerage accounts, etc.
Definition:
A person or institution who is in charge of and takes care of the assets of a trust. A trustees owes fiduciary duties to the beneficiaries and must treat all classes of beneficiaries, either current or future, equally and fairly.
How Barchet Law helps…
Advising your decisions
Our services are designed to meet your needs, whatever they may be. As your advisor we address your concerns and walk you through the process to make it as easy as possible. Our attorneys ensure that each will, trust or estate is managed efficiently and in accordance with the decedent’s wishes.
Tailoring your solution
We help people avoid probate whenever possible. Whether an estate must go through probate depends on many factors, including how the deceased set up their affairs. Our compassionate attorneys will be there to help you every step of the way. Call us and let us serve you at this difficult time. We can:
- Help heirs keep property, bank accounts and other assets.
- Avoid paying unnecessary taxes, claims and expenses.
- Fight Medicaid liens, Mo HealthNet estate recovery and TEFRA liens.
- Ensure that inheritances are distributed properly.
- Protect trustees, executors and families in will contests and trust contests.
- Search for all unclaimed life insurance proceeds and every available death benefit.
- Efficiently settle estates of loved ones who have died.
- Maximize the inheritance for families and survivors.
We also represent executors, personal representatives, administrators, trustees, beneficiaries, and family members in will contests, trust disputes, elder abuse actions, and breach of fiduciary duty actions.
Probate Resources
Probate Client Information Sheet
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