Important terms to understand the inheritance process
The court supervised process whereby a decedent’s assets are distributed to a decedent’s heirs and creditors are paid back after s/he passes away.
A legal document that directs distribution of assets upon death.
A person or institution appointed by the court (in the absence of a will otherwise naming an executor) to distribute the assets according to state intestacy laws and to pay creditors and taxes. The intestate personal representative.
Person entitled to inherit property of the decedent.
Person or institution that oversees and manages a trust.
Relating to a person who dies without having made a will.