Commonly used probate words.

1.     Annual Accounting: A yearly financial report filed with the court that details all income and expenses of the estate.

2.    Bond: An insurance policy that protects the estate’s assets from potential mismanagement by the personal representative.

3.    Closing Statement: A document outlining the completed administration and distribution of the estate, filed with the court to close the estate.

4.    Court Approval: Permission from the court to take certain actions, such as distributing assets or selling property.

5.    Death Certificate: An official document issued by the government that confirms a person’s death.

6.    Distribution of Assets: The process of transferring the estate’s assets to the heirs according to the will or state law.

7.    Estate: All the money, property, and other assets owned by a deceased person.

8.    Estate Bank Account: A special bank account used to manage the estate’s funds, pay debts, and distribute assets to heirs.

9.    Final Accounting: The last financial report filed with the court before the estate is closed, showing all transactions from the opening to the closing of the estate.

10.  Heirs: Individuals who are legally entitled to inherit from the deceased person, typically family members.

11.  Initial Inventory: A detailed list of all the assets owned by the deceased person at the time of their death.

12.  Letters of Administration: Court-issued documents that give the personal representative the legal authority to manage and distribute the estate.

13.  Personal Property: All assets that are not real property, including furniture, jewelry, vehicles, and other personal items.

14.  Personal Representative: The individual appointed by the court to manage and distribute the estate. This person may also be called an executor (if named in a will) or an administrator (if there is no will).

15.  Petition for Final Distribution: A formal request to the court to approve the final accounting and authorize the distribution of the remaining assets.

16.  Petition for Probate: A formal request to the court to start the probate process and appoint a personal representative.

17.  Probate: The legal process of administering a deceased person’s estate, including distributing assets and paying debts.

18.  Real Property: Land and any buildings or structures attached to it, such as houses.

19.  Receipts from Heirs: Documents signed by the heirs to confirm they have received their inheritance.

20. Will: A legal document that outlines how a person wants their assets distributed after their death and names an executor to carry out these wishes.

These terms will help you navigate the probate process and understand the various steps and requirements. For more information or assistance, visit www.ksmoprobate.com.