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Today's Terms
Living Trust
Definition:
Sometimes called an Inter-Vivos Trust--A written legal document established during a person's lifetime into which he/she places property.
Probate
Definition:
The process through which the legal title to property is transferred from a decedent to the beneficiaries. If a person dies with a will (testate), the probate court determines if the will is valid, hears any objections to the will, orders that creditors be paid and supervises the process to assure that property is distributed by the Personal Representative or Executor according to the terms of the will. If a person dies without a will (intestate) the probate court appoints an Administrator who receives all claims, pays creditors, and then distributes all property according to the laws of the state.
Incapacity / Incompetent
Definition:
Legally unable to manage one's own affairs due to mental disability. This may be temporary or permanent.
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