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.
Asset Distribution
Definition: The legal transferring and distribution of the assets of an estate.
Basis
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.
Beneficiary
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.
Claims
Definition: Debts and Creditor’s claims filed against estates.
Commingling
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.
Decedent
Definition: The person who has died, sometimes referred to as the “deceased.”
Descendant
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.
Estate Tax
Definition: The estate tax is a tax imposed on the property and assets that an individual leaves behind or transfers at death. Under 2009 laws, the first $3.5 million of the estate was exempt from the tax. In 2010, the federal estate tax is currently repealed. If action is not taken to make the repeal permanent or to set a new estate tax rate and exemption by December 31, 2010, the estate tax will return in 2011 with a $1.0 million exemption per person.
Executor/Executrix
Definition: The person appointed to administer the estate of a person who has died leaving a will which nominates that person.
Intestate/Intestacy
Definition: A situation where a person dies without leaving a valid will.
Intestate Succession
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.
Inventory
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.
Letters of Administration
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.
Letters Testamentary
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.
Personal Representative
Definition: The modern term for an executor or executrix.
Probate Administration
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.
Probate Court
Definition: Court limited to the jurisdiction of probating wills and administering estates.
Probate Estate
Definition: All the property owned by a person, including real estate and personal property.
Remainderman
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.
Remainder Interest
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.
Residuary Bequest/Devise
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.
Residuary Estate
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.
Small Estate
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.
Statement of Account
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.
Testate
Definition: Having left a valid will at one’s death, as opposed to “intestate,” having died without leaving a will.
Transfer on Death
Definition: A type of non-probate transfer usually used on motor vehicles, stocks or brokerage accounts, etc.
Trustee
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 Office 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 attorney ensures that each will, trust or estate is managed efficiently and in accordance with the decedent’s wishes.
Tailoring your solution
During the probate process, we aid the personal representative or executor by:
- Indentifying and inventorying property which must pass through probate
- Ensuring that all estate debts are paid, including all expenses of administration and taxes
- Ensuring that property is distributed as directed by a will
- Accounting to the Probate court or beneficiaries for the collection and distribution of probate assets
We represent executors, personal representatives, administrators, trustees, beneficiaries, family members and those acting using a power of attorney in will contests, trust disputes, elder abuse, actions for breach of fiduciary duties and accountings.
Probate Resources