A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related MoneyPedia terms
- ExecutorThe person named in a will to carry out its instructions, pay debts, and distribute the estate.
- ProbateThe court process that validates a will, pays debts, and distributes property after someone dies.
- IntestateDying without a valid will, so state law decides who inherits your property.
- EstateEverything you own at death, including money, property, and belongings, minus what you owe.
- Letters TestamentaryA court document that gives an executor the legal authority to act on behalf of an estate.
- WillA legal document that spells out who gets your property and who cares for your children after you die.
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Plain-English education — not personalized legal, tax, or investment advice.