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Inherited Property Associates

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Probate Glossary

The words you'll hear most often, explained simply.

Administration
The court process of settling an estate; in Florida, either formal or summary.
Beneficiary
A person named in a will, trust or account to receive property.
Codicil
A legal amendment to an existing will.
Decedent
The person who has died.
Estate
Everything a person owned at death, including real estate, accounts and belongings.
Heir
A person entitled to inherit under state law when there is no will (or as determined by law).
Homestead
In Florida, a primary residence with special constitutional protections and inheritance rules.
Intestate
Dying without a valid will.
Letters of Administration
The court document giving a personal representative authority to act for the estate.
Lien
A legal claim against property to secure a debt, such as a mortgage or unpaid taxes.
Notice to Creditors
A published notice giving creditors a deadline to file claims against the estate.
Partition
A lawsuit asking a court to divide or sell co-owned property.
Personal Representative
Florida's term for an executor — the person who manages the estate.
Petitioner
The person who files the request asking the court to open probate.
Probate
The court-supervised process of settling a deceased person's estate.
Step-up in basis
Resetting an inherited asset's tax basis to its value at the date of death.
Summary Administration
A simplified Florida probate for estates of $75,000 or less, or where death occurred over two years ago.
Tenants in Common
Co-ownership where each owner holds an undivided share that can pass to their own heirs.
Testate
Dying with a valid will.

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