Glossary of Probate and Inheritance Terms
The probate and inheritance process can be complex, especially if you’re new to the legal and financial terminology. This glossary is designed to clarify common probate terms and concepts related to inheritance advances, estate funding, and other services. Each term is defined simply to help you make informed decisions. Note: Beware of terms like “inheritance loan” or “estate loan” as they may suggest a traditional loan, but they are often cash advances that do not involve repayment or interest, like the services provided by My Inheritance Cash.
A – Z Glossary
Administrator
The individual appointed by the court to manage an estate when no will exists or an executor is not named. This person oversees the probate process, including managing assets and settling debts.
Beneficiary
A person or entity named in a will or trust to receive assets, funds, or property from an estate. Beneficiaries are often family members, friends, or charitable organizations.
Decedent
The person who has passed away, leaving an estate to be distributed according to their will or, if no will exists, by state probate laws.
Estate
The total assets, property, debts, and financial holdings owned by the decedent at the time of death. The estate must go through probate before any distribution to beneficiaries.
Estate Loan
While some refer to this as a “loan,” it is actually an advance on future inheritance. Companies like My Inheritance Cash allow heirs to access inheritance funds sooner by advancing a portion of the inheritance. This is not a traditional loan and does not involve interest or repayment obligations. Instead, a one-time fee is typically applied to the advance amount.
Executor
The individual named in a will who is responsible for managing the decedent’s estate. The executor’s duties include paying debts, managing assets, and distributing funds to beneficiaries as specified in the will.
Heir
A person legally entitled to inherit from the estate if the decedent has no valid will. Heirs are typically family members or close relatives, such as children, spouses, or siblings.
Inheritance
Assets, money, or property received by heirs or beneficiaries from a decedent’s estate, usually after the probate process is complete.
Inheritance Advance
A service allowing beneficiaries to receive a portion of their inheritance before probate is finalized. Unlike a traditional loan, an inheritance advance does not require repayment or interest. My Inheritance Cash provides non-loan inheritance advances to help heirs access funds sooner.
Inheritance Loan
This term can be misleading, as it suggests a traditional loan with interest and repayment. Companies like My Inheritance Cash provide inheritance cash advances rather than loans, meaning there are no monthly payments or accumulating interest. Beneficiaries can receive a portion of their future inheritance without debt, allowing for faster access to needed funds.
Intestate
The legal term is used when a person dies without a valid will. In intestate cases, the estate is distributed according to state laws.
Non-Loan Inheritance Advance
A financial service (like that offered by My Inheritance Cash) allowing beneficiaries to receive part of their inheritance upfront without accruing debt or interest, unlike a traditional loan.
Personal Representative
Another term for the executor or administrator responsible for managing the estate through the probate process, handling assets, paying debts, and distributing inheritances to beneficiaries.
Probate
The court-supervised process of verifying a will, settling debts, and distributing the estate to beneficiaries. Probate often takes several months and, in some cases, years to complete.
Probate Advance
A type of advance where beneficiaries receive a portion of their inheritance early, typically in exchange for a one-time fee. This option does not involve debt, interest, or repayment.
Probate Court
A specialized court that oversees the probate process, ensuring that all legal requirements are met before distributing the estate according to the decedent’s will or state laws.
Testate
Refers to a situation where the decedent has left a legally valid will specifying how their assets should be distributed.
Trust
A legal arrangement in which assets are held by a trustee for the benefit of one or more beneficiaries. Trusts are often set up to manage or distribute assets without needing to go through probate.
Will
A legal document that outlines how a person’s assets should be distributed after their death. The will names an executor to carry out the decedent’s wishes and manage the estate.