Glossary Of Common Probate Terms
The intent of this glossary is to provide individuals going through probate with a general understanding of terms commonly used in Probate Law and their application. The definitions within this document are not comprehensive and are not intended to serve as a substitute for independent research of the law or for a probate attorney. We have however, reviewed the terms and we have worked with members of the law to check and review our content to provide you with the best and most up to date information. We believe that probate can be confusing and understanding the different terms is very important to navigate the process.
If you have any questions or would like to contribute to our glossary, please feel free to visit our contact page.
- Fair Market Value The price at which an item of property would be purchased by a willing buyer, and sold by its owner. This term refers specifically to the profit made on these transactions- it does not include any expenses or other costs associated with(...) Read More
- Family limited partnership A legal partnership between members of a family for the management and control of property. A Family Limited Partnership (FLP) in probate is a good option for families with significant assets (FLPs). An FLP is a valuable structure for(...) Read More
- Fiduciary A person or organization that manages property for a person, with the legal responsibility of taking care of it to make sure everything runs smoothly. They have high standards and are called upon in cases where there is no one else around(...) Read More
- Fiduciary Duty A fiduciary duty is a legal obligation to act in the best interests of another person or entity. In the context of probate, a fiduciary duty refers to the obligation of the personal representative (also known as the executor or administrator)(...) Read More
- Final Distribution The final distribution of probate is the transfer of title and assets to the heirs and beneficiaries named in the decedent's estate. This takes place after the probate has been fully administered and the judge signs off that the estate is(...) Read More
- Finding A determination of fact by a judicial officer or jury. The term is often used in reference to trials, but it can also apply when one person makes an implied threat against another for any reason. In probate, a finding is a decision by the(...) Read More
- Foreclosure When a borrower cannot repay a loan and the lender seeks to sell the property. Foreclosure is the legal process by which a lender seeks to recoup the amount owed on a defaulted loan by seizing and selling the mortgaged property. Default(...) Read More
- Form 1040 Form 1040 refers to federal income tax that may have to be paid during the probate process. Filing form 1040 federal income tax during probate At the death of the decedent, all his income, deductions, and credits he is entitled to will(...) Read More