Welcome to MSD Law
What is probate?
Probate is the legal process regarding the administration and distribution of the estate of a deceased person (or ”decedent”). It is administered under the jurisdiction of probate courts. The court makes sure that the decedent’s real and personal property are identified, inventoried, and appraised, and ensures that any debts and taxes are paid before the balance of the property is distributed to the beneficiaries/heirs.
What is an administrator?
An administrator is the person appointed by the court to handle the probate estate of a person who died without a will.
What is a beneficiary?
A person who inherits when there is a Will.
What is a Codicil?
A codicil is an amendment or supplement to an existing will.
What is a Conservator?
A person appointed by court to protect and manage the personal care or financial affairs, or both, of an adult.
What is a Conservatorship?
A conservatorship is court proceeding where a judge appoints a responsible person (called a conservator) to care for another adult who cannot care for him/herself or his/her finances (called a conservatee).
What is a decedent?
A person who has died.
What is Elder Abuse (Financial)?
It is the use of an elderly or dependent person’s money or property illegally or improperly without the elderly person’s consent for someone else’s benefit.
What is an Estate?
An estate is a deceased person’s total assets, both real and personal, which are managed by a personal representative.
What is an Executor?
The person named in a will to carry out the directions as set forth in the will.
What is a Guardianship?
There are two types of Guardianships, a Guardianship of the Person and a Guardianship of the Estate. A Guardianship of the Person is set up because a child is living with an adult who is not a parent and the adult needs legal authority to make decisions on behalf of the child. The guardian has full legal and physical custody of the child and is responsible for the child’s care. The Guardian of the Estate manages the child’s income, money, other property until the child turns 18. A child may need a Guardian of the Estate if he/she inherits money or assets.
What is an Heir?
A person who inherits when there is no Will.
What is a Holographic Will?
A will that is handwritten and signed by the person making the will.
What does intestate mean?
Intestate refers to a person who dies without a will.
What are Letters of Administration?
The court document that establishes a person’s authority to act as the personal representative. Letters of Administration are issued to the administrator, and Letters Testamentary are issued to the executor.
What is a Living Trust?
A Living Trust is a legal tool for financial and estate planning that allows a person (Trustee) to hold another person’s property (Settlor) for the benefit of someone else (Beneficiary). Unlike a testamentary trust, a Living Trust goes into effect during the settlor's lifetime. In most cases, the settlor, trustee, and beneficiary are the same person (at least until that person dies or becomes incompetent). In other words, if you set up a Living Trust, you can be the settlor, the trustee and the beneficiary of the trust. You keep full control over the property and have the right to use and spend that property as if it had never been put into the trust, and upon your death the property will pass to your designated beneficiaries.
What is a Personal Representative?
A person appointed by the court to administer a decedent’s estate.
What is a testamentary trust?
A trust created by a will and doesn’t exist until the person dies.
What does Testate mean?
Testate refers to a person who dies having a will.
What is a Will?
A document that directs the disposition of one’s property after death.
