Flashcards in Quiz 9 Vocab - Test 2 Deck (16):
“To Prove”. The process that collects and distributes the decedent’s property after payment of all debts.
Funds made available by the court to the family to meet reasonable expenses during the administration of the estate.
small estate settlement
occurs when the value of the estate assets do not exceed a certain value. In Arizona, to qualify for small estate the assessed value of real property may not exceed $100,000, and the value of all personal property may not exceed $75,000.
a detailed list of the decedent’s property that not only includes each item, but also the value of each item.
Employer Identification number. Obtained from the IRS, every estate is required to have one for tax purposes.
a reduction in the sums or gifts to a beneficiary to pay taxes and debts of the decedent.
report of all transactions made by the executor or personal representative during the administration of the estate.
Required when the decedent has property in more than one state at the time of death.
formal administration (Arizona)
A formal testacy proceeding is litigation to determine whether a decedent left a valid will.
inforamal administration (Arizona)
A testacy proceeding for original probate of a will usually handled by a non-judicial court officer, usually a probate court clerk.
Supervised administration (Arizona)
Supervised administration is a proceeding to secure complete administration and settlement of a decedent's estate under the continuing authority of the court
Order of discharge
Order releasing executor or personal representative from their obligation and releasing them from duties and barring all future claims against the estate.
non-judicial position, a court officer, usually a probate clerk.
Action in partition
An action to sever the title in land held jointly or as tenants in common so that each heir would own a distinct portion.
items stored on the internet such as photographs on Facebook, movies, e-books, iTunes.