Understanding Probate Real Estate Terms can be confusing, Main Line PA realtor Kimmy Rolph decodes the language. Did your loved one pass away, and now you’re being bombarded with paperwork, legal speak and overwhelm? First of all, I’m very sorry for your loss. This can be a very difficult and emotional time for you, and now you are left to sort everything out. I’ve been selling Real Estate for years and we have found this type of transaction can be one of the most emotional to navigate, and I feel for you. I have been in this situation as well and it’s a lot to deal with. Here are some 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 decedent’s property. Another term is, Personal Representative: As a Personal Representative you may have been chosen as the personal representative, also known as Executor, Executrix or Administrator. This means you are the person designated to administer the estate and ensure that the deceased person’s wishes are performed. Other Probater terms are, Intestate vs Testate: Testate means someone passed away and left a will. Intestate means 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: a list of all assets in the estate. The term Property means, valued at fair market value by the probate referee. These are just a few of the many terms you are going to see regularly. For more information or any questions please contact me, or a probate attorney on The Main Line. Also, be sure to seek the advice of a lawyer or an attorney as I am not one but just giving helpful information. My name is Kimmy Rolph and I sell The Main Line and Local Areas.
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