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.
- Incapacity The inability to make decisions on one’s own behalf. Incapacity in probate is the inability to take care of oneself, one's possessions, or one's finances due to a lack of physical or mental abilities. It is the failure to comprehend one's(...) Read More
- Inheritance Tax Law no longer has an inheritance tax but there may be other taxes owed on death such as local property and income taxes; these fees must still adhere by law while also providing credits towards paying off certain amounts like Medicare Part B(...) Read More
- Interlineation Interlineation is the act of writing between the lines is a technique that allows one to analyze an instrument. An interlineation is a change or addition made to a written document by writing the new information between the lines of the(...) Read More
- Inter Vivos Trust A trust is 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. An Inter Vivos Trust is created by a living person(...) Read More
- Intestate Intestate refers to dying without a legal will. When a person dies in intestacy, determining the distribution of the deceased's assets then becomes the responsibility of a probate court. An intestate estate is also one in which the will(...) Read More
- Inventory and Appraisal A list of all assets in the estate at the beginning or during a guardianship, conservatorship. Cash items are valued by their fiduciary; other valuable properties will receive an appraisal from someone who knows what they're worth. In a(...) Read More
- Inventory of probate assets An inventory of probate assets is a full accounting of all of the assets in the estate as well as the creditors to the estate. The executor will present the inventory of assets and creditors to the probate judge. What is an Inventory of(...) Read More
- Irrevocable trust An irrevocable trust is created during the maker’s lifetime that does not allow the maker to change it. An irrevocable trust can not be changed after they are made. Irrevocable trusts are useful financial tools because there is a set structure(...) Read More
- IRS Closing Transcripts The IRS has a form letter that must be requested for all estate tax returns filed on or after June 1, 2015, estate tax closing letters are issued upon request from the estate (taxpayer) and must be submitted in order to close the(...) Read More