How Long Does the Probate Process Take?
February 1, 2021
Is anyone ever prepared to lose a loved one, let alone prepared for the immense responsibility of ensuring the proper execution of the loved one’s dying wishes? Of course not.
Because of the weighty nature of the Trust administration and probate processes, having an estate plan, a living Trust, or the correct title vested (depending on the asset in question) is critical, especially when real property is involved. When many people first take on the responsibility of an Estate Settlement, they need to understand the terms that attorneys, courthouse, and other service professionals will use. The person making the decisions on behalf of the person who passed has different terms based on the circumstances. Here are those circumstances and the title of those people who are responsible:
TRUSTEE:
Simple Definition: When a Trust is created, the person who created the Trust will choose a person/persons to make the decisions for them when they pass away. This person is called the Trustee.
Legal Definition: THE INDIVIDUAL OR CORPORATION WHO IN A TRUST HAS BARE LEGAL TITLE TO THE ASSETS AND HAS THE POWER GIVEN IN THE TRUST TO CARRY OUT THE WISHES OF THE PERSON OR PERSONS WHO CREATED THE TRUST
EXECUTOR:
Simple Definition: When the person who passed away has a Will but not a Trust, and assigned a person to make the decisions on what happens to their assets. This person is called the Executor.
Legal Definition: THE INDIVIDUAL OR CORPORATION APPOINTED IN A WILL BY THE PERSON WHO WROTE THE WILL TO TAKE CARE OF THEIR PROPERTY AFTER DEATH.
ADMINISTRATOR:
Simple Definition: When the person who passed away has no Will or instructions on what happens to their assets, the court will assign someone to administer the estate. This person is called the Administrator.
Legal Definition: A PERSON/INSTITUTION APPOINTED BY A COURT TO ACT ON BEHALF OF THE DECEASED PERSON
To learn other common terms, please visit our Estate Settlement Glossary
