Key Real Estate Terms

A

Administrator

A court appointed person who administers the estate of a person who died without a will.

B

Beneficiary

An individual or entity to whom a gift of property is made.

Blocked Account

Cash or securities that are placed in a bank subject to withdrawal only upon court order.

C

Codicil

An amendment or supplement to an existing will.

Conservator

A person who has the court-appointed fiduciary responsibility for the care of another adult.

Conservatee

The person whose care is provided for under a conservatorship.

Conservatorship

A court proceeding wherein a judge appoints a responsible person (conservator) to care for another person (conservatee) who cannot care for him/her self or his/her finances.

Custodian of the Will

The person in possession of the will when the person who wrote the will dies.

Creditor

A party to whom a Decedent owes money

Creditor Claim

The document representing a creditor’s basis for payment of debt. These claims are usually filed with a Court and served upon the person representative or the attorney

D

Decedent

A person who has passed away.

Devisee

People who are named in a will.

E

Estate

A person’s total assets, both real and personal, which are managed by a personal representative.

Executor

The person named in a will to carry out the directions as set forth in the will. This person is the Personal Representative of the decedent’s estate

F

Fiduciary SAFE DEPOSIT BOX

A person or organization that manages property for a person, with a legal responsibility involving a high standard of care, e.g., conservators, guardians, personal representatives, agents, or trustees.

G

Guardian

A person appointed by a court to protect and manage the personal care or financial affairs, or both, of a minor.

H

Heir

A person who would naturally inherit property through a will, or form another who died without leaving a will.

Holographic Will

A will that is handwritten and signed by the person making the will.

I

Inter-Vivos Trust

A trust set up during the lifetime of a person to distribute money or property to another person or organization (as distinguished from a person who transfers money or property after death).

Intestate

Without a will Opposite of Testate.

Intestate succession

The order of who inherits the property when the decedent does not have a will.

Irrevocable Trust

Trust wherein the grantor has expressly released the power of revocation.

L

Legatees

People who are named in a will.

Letters of Administration

The court document that establishes the petitioner’s authority to act as personal representative (administrator). Letters Testamentary are issued to an executor.

P

Personal Property

Anything owned by a person that can be moved such as money, securities, jewelry, etc.

Personal Representative (Administrator or Executor)

The person responsible for overseeing the distribution of the estate.

Petition

A written, formal request, properly filed with the Court, for a specific action or order. Some form petitions are preprinted and available on the Court’s websites.

Probate

The legal process of administering a decedent’s estate. Also, a judicially supervised process for marshaling a decedent’s assets, paying proper debts, and distributing the remaining assets to heirs.

Probate Court

The court that handles matters concerning wills and estates, such as the distribution of property or money to those named in a will. In California, the Probate Court also handles guardianships and conservatorships.

Probate real estate sale

The transfer of legal title (ownership) of real property from the estate of the person who has died to his or her beneficiaries or to a buyer under the supervision of the Court.

Probate referee

Before real property can be sold through probate, it must be appraised. This is done by a probate referee. In California, probate referees are appointed by the State Controller and assigned to a particular case by the court clerk. They are paid for this service directly by the estate, usually a percentage of the appraised value.

Property

Anything that can be owned such as money, securities, land, buildings, etc.

Proposed Action Notice

Formal written notice by a personal representative with a full authority (understanding the Independent Administration of Estates Act) to the interested parties in an estate, of the intent to take certain action (e.g. sell real property) on or after a certain date.

R

Real Property

Land and immovable objects on land.

S

Small Estate

A decedent’s estate may avoid a formal probate administration and have property transferred directly to an heir if the decedent’s estate meets the requirements of California Probate Code 13100 et. seq. (e.g. estates less than $100,000)

Successor Fiduciary

The next person or organization appointed if a vacancy arises in a conservatorship, guardianship, or decedent’s estate because of the fiduciary’s death, removal, or resignation

T

Testate

Having made a valid will. Opposite of intestate.

Testator

A person who makes a will.

Testamentary Trust

A trust created by a will.

Trust

The handing over of a property to a person to be held for the benefit of another (i.e. held in trust).

Trustee

A person or organization authorized by a trust to hold and manage property for the benefit of a beneficiary.