Terms & Definitions

  • A person who inherits when there is a Will in place.

  • A form of insurance that protects the assets of the estate.

  • A person who has the court-appointed fiduciary responsibility for the care of another adult.

  • The person whose care is provided for under a conservatorship.

  • A court proceeding wherein a judge appoints a responsible person (Conservator) to care for another person (Conservatee) who cannot care for him/her self or finances.

  • A request filed with the court by a person or entity who believes they are owed money by the decedent.

  • A person who has past away.

  • Any claim or restriction on a property’s title.

  • All the money and property owned by a person at the time of death.

  • A person named in a Will and appointed by the Court to carry out the decedent’s wishes. This person is also the seller of the real property.

  • A person or entity who holds assets for another.

  • A person who inherits property/belongings after someone passes away.

  • A person who has died without having made a will. When there is no Will, the sale of the decedent’s real property often requires court confirmation.

  • The order of who inherits the property when the decedent does not have a Will.

  • A document issued by the court granting authority to handle the affairs of a testate estate.

  • The person responsible for overseeing the management and distribution of the estate.

  • A formal application made to a court in writing that requests action on a certain matter. To begin the probate process, a petition must be filed with the court.

  • The formal court process to appoint a representative and marshal, as well as appraise assets and distribute the decedent’s estate to the proper parties.

  • The transfer of legal title (ownership) of real property from the estate of the person who has died to a buyer under the supervision of the Court.

  • Before real property can be sold through probate, it must be appraised. This is done by a Probate Referee. In Oregon, probate referees are appointed by the State Controller and assigned to a particular case by the court clerk. They are paid for this service directly by the estate, usually a percentage of the appraised value.

  • The term used to refer to real estate (land and buildings) in probate and trust sales.

  • Having made a valid will before one dies.

  • In real estate in the United States, a deed of trust or trust deed is a deed wherein legal title in real property is transferred to a trustee, which holds it as security for a loan (debt) between a borrower and lender. The equitable title remains with the borrower.

  • A legal document in which a person gives instructions for the distribution of his or her assets upon death.