Did your loved one recently passed away and now you’re being bombarded with paperwork, legal fees and overwhelmed? First of all, I’m very sorry for your loss. This can be a very difficult and emotional time for you. And now you’re left to sort everything out. Hi, my name is Sommar Clark with the Clark Team South Florida and Keller Williams Wellington. And we have found that this type of transaction can be one of the most emotional to navigate. And I feel for you.
Here are some of the terms that you need to know to make your time a little less confusing. Probate. Probate is the process of deciding where, how and to whom to distribute the deceased’s property. Another term is personal representative. As a personal representative, you may have been chosen as the personal representative, also known as the executor, executrix or administrator. This means that you are the person designated to administer the estate and ensure that the deceased person’s wishes are performed. Other probate terms are intestate versus testate. Testate means someone passed away and left a will. Intestate means that they died without a will.
So what does estate mean? Estate is the total possessions or assets, including money, jewelry, stocks and land. The inventory and appraisal is a list of all the assets and the estate. The term property means valued at fair market value by the probate referee. These are just a few of the many terms that you are going to see regularly. For more information or any questions, please contact me and obviously a probate attorney in the city nearest you. Also, be sure to seek the advice of a lawyer or attorney as I am not an attorney or a lawyer. I’m just giving you helpful information. I’m Sommar Clark with the Clark Team South Florida and Keller Williams Wellington. And as always, we want you to love where you live. And if you’re thinking about selling or buying in Palm Beach County, Florida, we are always here to help.