Affidavit - A written
statement, signed under oath in front of a notary public.
Appraisal - A good-faith
estimate of the market value of real estate or personal property.
Beneficiary - A person or entity who is named in a
will and legally entitled to receive property or a share of the
estate.
Bequest - A gift, made in a will, for property other than real estate.
Bond - A type of insurance policy that protects beneficiaries and heirs from any losses caused by the executor or personal representative.
Certified copy - A copy of a document guaranteed to be an exact copy of the original. Certified copies of the death certificate are obtained through the Office of Vital Statistics. Certified copies are necessary for the transfer of property, presenting to banks and insurance companies and other agencies upon the death of another.
Codicil- A document that supplements or amends an existing will. A codicil may change or revoke provisions of a will. A codicil must be signed in front of witnesses to make it valid.
Community Property - Arizona is a community property state. This means that both spouses have rights in all real and personal property acquired during the marriage.
Conservator - A conservator is appointed by the probate court to manage the assets of someone who is determined by the court to be unable to manage his or her own finances and property. The conservator has a fiduciary duty to the protected person whose assets he or she manages. In Arizona, Professional Conservators must be certified by the Licensing and Certification Division of the Supreme Court of Arizona.
Decedent / Deceased - The person who has died.
Deed - The document that transfers real estate property.
Estate - The deceased person's property; this includes real estate and personal property.
Executor - The person named in the will to act on behalf of and in the interest of the estate. Many states now use the term 'personal representative' rather than executor.
Fiduciary - A fiduciary is someone who accepts the responsibility of taking care of the needs or property of another person for the benefit of that person. The fiduciary serves in a role of trust. Fiduciaries serve by court-appointment as guardians, conservators or personal representatives of estates. They also serve by agreement as trustees, representative payees for Social Security income or other income benefit plans, or as agents under powers of attorney. (Arizona Fiduciary Association). Fiduciaries must be certified by the Licensing and Certification Division of the Supreme Court of Arizona.
Guardian - A guardian is appointed by the probate court to ensure that the personal and medical needs of an incapacitated person are met. Decisions made on behalf of the ward are made with the wards preferences when possible. The guardian has the responsibility to ensure that the ward resides in the least restrictive environment possible. In Arizona, Professional Guardians must be certified by the Licensing and Certification Division of the Supreme Court of Arizona. See the article Overview of Guardianship on the Information page for more information.
Heir - A person entitled to a portion of the deceased person's estate if the decedent died intestate.
Intestate - The term used to refer to dying without a will. He / she died intestate. When a person dies intestate, rules of the state will determine how property is distributed to the heirs.
Inventory - A list of the deceased person's real and personal property compiled by the personal representative. This document is filed with the court.
Letters / Letters of Administration - The court order officially appointing the personal representative of an estate where the decedent died intestate.
Letters Testamentary - The official order of the court appointing the personal representative of an estate where the decedent had a will.
Notary Public - A person authorized by the state to officially recognize that documents have been signed.
Obituary - A notice of the death which usually includes a short biography. Often published in newspapers or on-line.
Obituary scam - Fraudulent use of information regarding the decedent, his or her identity or property.
Personal Property - Any property that is not real property.
Personal Representative - A Personal Representative is appointed by the probate court to administer the estate of a person who died -referred to as the “decedent”. The personal representative is responsible for identifying, inventorying and protecting all of the assets in the estate, paying bills and allowable claims against the estate, locating all of the heirs and beneficiaries, paying the administrative costs of probating the estate, and distributing the remaining assets to the heirs or beneficiaries.(Arizona Fiduciaries Association). In Arizona, the Professional Personal Representative must be certified by the Licensing and Certification Division of the Arizona Supreme Court.
POD - Refers to payable-on-death. Certain kinds of property will name a payable-on-death beneficiary.
Probate - Literally means to 'prove' the will. The term is generally used to describe the court-supervised process following a person's death that includes proving the authenticity of the deceased person's will, appointing a personal representative, identifying and inventorying the property, determining allowable claims, debts and taxes, identifying heirs and beneficiaries, distributing property and closing the estate.
Real Property - Land, buildings and other types of real estate.
Recording - Refers to the process of filing a copy of a deed to property with the county recording office. This act creates the public record of ownership.
Separate Property - Refers to property acquired before a marriage. Distinguished from community property in states that recognize community property laws.
Survivorship, Right of - Refers to joint property / joint tenancy and tenancy-by-the entirety property. When one dies, property automatically becomes the property of the other owners and is not part of the decedent's estate.
Testator - Refers to the person who made the will.
Trust - Property that is managed by a trustee under a trust document.
Trustee - A person (or institution) who is entrusted with legal title to property for another's benefit.
Will - A legal document in which a person can specify who inherits from the estate. The will typically names another person to act as the executor or personal representative over the estate.