Definitions Flashcards
Intestate
when a person dies without a will
Decedent
the person who dies without a will
Distributee/Heir/Next of Kin
person who inherits property under intestate succession
Issue
All persons who have descended from a common ancestor, including those in direct line of inheritance with decedent.
(children, grandchildren, great grandchildren, etc.)
Administrator
a person appointed as a personal representative to administer the estate of decedent.
Administrative Proceeding
proceeding initiated by a distributee to appoint an administrator and administer the estate of the decedent.
Intestate Property
assets held in decedent’s name alone that do not pass by operation of law or will - and which the administer administers in accordance with the EPTL.
Operation of Law
property that passes automatically because of the way the property’s title is held - regardless of existence of a will or intestacy.
E.g. insurance policy, totten trust, etc.
Residuary
the balance of decedent’s estate after all claims, taxes and bequests have been distributed. What’s left over.
Testamentary
when a person dies with a will
Testator
person who dies with a will
Beneficiary
person who receives a bequest (aka legacy devise) under the will
Executor
personal representative named in the will (or appointed) to administer the estate of a testator
Probate Proceeding
a surrogate’s court proceeding to judicially determine whether the will was validly executed and determine the intestate distributees and to appoint the executor
Probate Estate
assets held in testator’s name alone that do not pass by operation of law, which the executor administers in accordance with the will
