Quiz 9 Vocab - Test 2 Flashcards Preview

LAS206 - Probate > Quiz 9 Vocab - Test 2 > Flashcards

Flashcards in Quiz 9 Vocab - Test 2 Deck (16):
1

Probate

“To Prove”. The process that collects and distributes the decedent’s property after payment of all debts.

2

Family allowances

Funds made available by the court to the family to meet reasonable expenses during the administration of the estate.

3

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.

4

inventory

a detailed list of the decedent’s property that not only includes each item, but also the value of each item.

5

EIN

Employer Identification number. Obtained from the IRS, every estate is required to have one for tax purposes.

6

abatement

a reduction in the sums or gifts to a beneficiary to pay taxes and debts of the decedent.

7

final accounting

report of all transactions made by the executor or personal representative during the administration of the estate.

8

ancillary administration

Required when the decedent has property in more than one state at the time of death.

9

formal administration (Arizona)

A formal testacy proceeding is litigation to determine whether a decedent left a valid will.

10

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.

11

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

12

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.

13

Registrar (Arizona)

non-judicial position, a court officer, usually a probate clerk.

14

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.

15

digital assets

items stored on the internet such as photographs on Facebook, movies, e-books, iTunes.

16

renunciation

heir or devisee declines to accept the bequest left to them by will or statute.