Probate & Estate Terms
While the probate process may seem complicated at first, Heir Cash Now makes it easy to understand, and even easier to access a portion of your expected inheritance within days.
Here are some commonly used terms you may have already encountered:
One who is appointed by the court in cases where the deceased died intestate (without leaving a will.)
Unlike a traditional loan, an Inheritance Advance is actually the purchase of a fixed dollar amount of the inheritance. As such it does not involve interest rates or payments like in traditional borrowing. We do, however, typically offer cash back rebates when payment is received by a specified date.
An assignment is the act of transferring ownership, like assets or property, from the owner to another party. An Inheritance Advance (sometimes called an Inheritance Loan) works through the assignment by an heir or beneficiary in an estate of a fixed dollar amount of the inheritance to an inheritance funding company.
An agreement with specific terms between two or more parties. The agreement is an exchange of service or product for money or something of interest.
The property of the deceased person, which includes all assets and investments and real estate, less all liabilities.
Property passed by the owner at the owner’s death to heirs or other persons entitled to receive it.
The condition of the estate that results when a person dies without having a valid will in place. In this case assets are distributed according to state law
A process held by the court to administer the will and make sure it is valid. In some places the probate court is called Orphan's Court, Surrogate's Court, Administration, or other names.
Executor/ Administrator/ Legal representative
An executor is typically a person named in a will and subsequently appointed by a probate court to administer a will left by a deceased person and should make sure that the desires expressed in the will are carried out.
A trust is a relationship created in which one party, the “trustor” names another party, the “trustee,” to administer part or all of the assets of the owner (trustor) and protect it for the benefits of one or more third parties.
A document that describes what will happen to one’s assets after death; the documents should state the heirs and the executor of the assets.
Glossary definitions provided by http://www.cgu.edu/pages/1779.asp