Probate 9 Flashcards
Probate
Collect and distribute descendants property after payments of all debts
Probate inventory
List of property that list each item and its value
Fair market value
Price a willing buyer pays a willing seller
Final accounting
All transactions made by the executor while administrating the estate
Estate administration
Gather the assets, pay the creditors, and distribute remaining
Ancillary administration
Where descendent has property but doesn’t live
Domicile
Where a person has a permanent home
Residence
Where living
Informal administration
Probate court clerk
Formal administration
Litigation to determine whether a valid will was left.
Supervised administration
Proceeding to secure administration and settlement of a descendent under court authority
Small estate settlement
Real property cannot be more than $100,000 personal property cannot be more than $75,000
Order of discharge
Releases executor and personal representative
Registrar
Court officer
Action in partition
Sever title in land held jointly or as tenants in common
