Certified Probate Real Estate Specialist (CPRES)

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The deceased.  Testator is the person who signs the will.

 A person who is (or will be) a recipient of benefits from a will, insurance policy, annuity, retirement account, estate, or trust.  

 The process by which assets in the name of the deceased are legally transferred to his or her rightful heirs or beneficiaries. This can be accomplished through a will or a living trust.  

 The executor, the administrator, and the trustee are all fiduciaries.  An insurance policy that insures that a fiduciary will faithfully perform his or her duties relative to the deceased’s estate. 

A legal entity that consists of all of someone’s property and all the rights and responsibilities relating to them. This term is usually used in the context of the assets of someone after their death. A personal representative (an Executor or Administrator in probate, Trustee in a Trust) administers the property of a person after death. For Estate Tax purposes, the estate consists of everything a person owns or controls anywhere on Earth at the time of death.  

 An executor is someone named by the deceased in a Will and appointed by the probate court to administer that estate. The executor is under the ultimate authority of the probate court and can be removed if necessary. It is important to understand that an executor named in the will is NOT the executor of the estate until the probate court makes a formal appointment. Until then, the named executor has no power or control of the estate or its assets. Letter of Testamentary will be issued to be able to use this power. An Administrator serves in a similar role as an Executor when the deceased died without a Will. 

 The legal term that applies when someone dies without a valid will or living trust. It also applies when a will does not provide for the transfer of all of the deceased’s property. When someone dies intestate he or she has forfeited all rights to determine who will receive the assets. That will be determined by the Law of Descent and Distribution in Texas. In addition, the family of the deceased will almost always pay substantially higher attorney’s fees and possibly higher estate taxes.  This can be avoided by planning ahead. A trust avoids probate all together.  

Joint Tenants with Rights of  Survivorship is a form of ownership of property among more than one person. When an owner dies, that person’s interest transfers without any further legal action to the survivor, who then owns the entire asset.  

Tenants in Common is a form of ownership in which two or more persons own undivided interests in property and each owner has rights to use the property. Unlike Joint Tenancy with Right of Survivorship, on the death of an owner, his or her share goes to that person’s heirs or beneficiaries.  It is my opinion that people should buy a house together unless their married for this reason.  Your partner dies, now their heirs owns half your house. 

 A lady bird deed is a type of life estate deed that lets the owner maintain control of a property until their death, when the property automatically transfers to a beneficiary without going through probate. It is also called a ladybird deed or an enhanced life estate deed.

Lady bird deeds are often used to keep property in the family without sacrificing Medicare Eligibility or subjecting the asset to state efforts to recover Medicaid costs after you die.

 A Letter of Testamentary is a document granted to the Executor of an estate by the probate court. This document gives the Executor the authority he or she will need to formally act on behalf of the decedent. It gives the right to handle financial and other affairs related to closing out the estate. In essence, it offers the power to act in a truly fiduciary manner. 

 The money someone earns while residing in a common law state or property owned prior to marriage in a community property state, as well as the assets that he or she acquires with those funds. In common law states as well as in most community property states, the property received by someone as a  result of an inheritance, gift or personal injury settlement or award is also considered to be separate property.