Wading River, New York
- Probate Services search results
Terms to Know About Probate Services
When a loved one passes away there will be many legal questions concerning inheritances, wills, trusts and more. A probate is the court which determines the validity of a will and oversees the inheritance operation. This procedure settles debts and pending lawsuits, prepares all taxes and fees concerning estate or inheritance, transfers property titles and more. Here are some defined terms to better understand probate services and how inheritances are granted.
Executor – The executor is either appointed by the deceased through a document written before death or a court as the person in charge of paying off the deceased’s outstanding debts, granting the assets, properties and other items to the correct parties.
Codicil – A codicil is a new document that is created to legally change a part or the whole of a will. A codicil will not revoke the entire will unless that intent is recorded as the purpose of the document.
Joint Tenancy – Real estate, vehicles and other items used and owned by two people, such as a husband and wife, are referred to as joint tenancy and the surviving partner will receive these items without probate.
Will Contest – In the case that an heir feels that the executor is splitting assets not according to the will this can be contested in and out of court. A lawyer, attorney or solicitor may be hired to understand a will better.
Living Will - A living will avoids probate by allowing a trustee to divide and jointly own things they wish to pass down with a second party on behalf of a third party. For example, a grandparent may leave a trust of money for a grandchild in the hands of the grandchild’s parents to be given at the time of the grandparent’s death.