Terms used when navigating through Probate while handling an estate.

This is not intended to be an exhaustive list, as each estate is unique, with its own specific circumstances, location, and individuals involved.

Beneficiaries

someone named in the descendant’s will who has been selected to receive assets, but not necessarily a relative

Conservatorship

the legal term for when a probate court appoints a responsible person or organization to manage the daily life/finances of an individual who is unable to take care of themselves due to physical or mental abilities

Disclaimer

procedure by which a devisee or heir at law chooses not to accept a bequest or inheritance. The disclaimer must be unconditional, in writing, and if it involves real property, must be filed with the Probate Court and recorded in the Register’s Office within 9 months of the date of death of the decedent. The effect of a disclaimer is as if the person disclaiming died prior to the decedent, and the person disclaiming cannot select who gets his bequest or inheritance. See TCA 31-1-103.

Inheritance Funding

the Inheritance Funding Company provides a service for heirs where they can actually get a cash advance on their inheritance before the estate is settled

Insolvent Estate

an estate in which there is not enough personal property or assets to pay all valid debts, claims or administrative expenses of the estate—i.e., the decedent could own Biltmore Estate free and clear but if he left no personal property or assets with which to pay estate debts, the estate would be technically insolvent

Intestate

when an estate has no existing will

Irrevocable Trust

a trust that cannot be modified, amended, or terminated without the permission of the grantor’s beneficiary

Living Trust

a legal document created during an individual’s lifetime where a designated person (the trustee) is given responsibility for managing the assets for the benefit of the beneficiary

Personal Representative

the individual placed in charge in settling the estate after death

Petition for Administration

official documents that grant an individual permission to access and manage an estate after someone dies

Probate

a legal process that occurs when a person dies that involves the validation and administration of the will

Probate Clerk

the personnel at the Clerk's Office that will assist you in finding the paperwork and will also complete the filing of the paperwork at the courthouse

Probate Inheritance Referee

the court-appointed individual who evaluates the real and personal property in the estate

Revocable Trust

a trust whereby provisions can be altered or canceled depending on the wishes of the grantor or the originator of the trust