Glossary
Estate and Probate Terms, Explained
The words that come up in probate, trust, and inherited property sales in Northern Nevada, written in plain language. If a term appears in a document you have been handed, start here.
Marked terms are Nevada specific procedures.
117 of 117 terms
A6 terms
- AccountingCourt and AuthorityA written report to the court showing everything that came into an estate and everything that went out. It covers money received, bills paid, property sold, and the balance left for the people entitled to inherit.What It Means
- AdministratorPeople and RolesThe person a court appoints to handle an estate when there is no will, or when the will names no one who can serve. The role is the same as an executor’s, but the appointment comes from the court rather than the document.What It Means
- Affidavit of EntitlementCourt and AuthorityNevadaA sworn statement used in Nevada to collect a small estate’s assets without opening a full probate. It is signed by the person claiming entitlement and presented directly to whoever holds the asset, such as a bank.What It Means
- Ancillary ProbateCourt and AuthorityA second probate opened in the state where a property sits, when the main estate is being administered somewhere else. The original appointment does not travel across state lines, so authority comes from a Nevada court.What It Means
- AppraisalSelling the PropertyA licensed appraiser’s written opinion of a property’s value as of a specific date. In an estate the date that matters is usually the date of death, not the date the report is ordered or the property is listed.What It Means
- Attorney in FactPeople and RolesThe person named in a power of attorney to act for someone while that person is alive. The authority ends at death, which is the single most common misunderstanding families bring to an estate sale.What It Means
B4 terms
- BeneficiaryPeople and RolesSomeone named to receive something from a will, a trust, or an account with a beneficiary designation. Being named does not by itself give any authority to sell, sign, or manage the property before it is distributed.What It Means
- Blocked AccountCourt and AuthorityAn account holding estate money that cannot be withdrawn from without an order of the court. Courts sometimes require one in place of a bond, or where the proceeds of a sale need protecting until the distribution has been approved.What It Means
- BondCourt and AuthorityAn insurance policy the court can require of a personal representative, protecting the estate if it is mishandled. The premium is paid from estate funds, and the amount tracks the value of what is being handled.What It Means
- Broker Price OpinionSelling the PropertyA licensed agent’s written estimate of what a property would sell for, based on comparable sales and a look at the property. It is faster and cheaper than an appraisal and carries less formal weight.What It Means
C17 terms
- Capital Gains TaxMoney and TaxTax on the gain when property is sold for more than its basis. For inherited property the basis is usually reset at the date of death, which often leaves far less gain than families expect.What It Means
- Certificate of IncumbencyTrustsNevadaA signed statement identifying who currently holds authority over a trust or an entity, and confirming they are the one authorized to sign. Title companies ask for it before a trust can convey property in a sale.What It Means
- Certification of TrustTrustsA short document summarizing a trust’s key terms, used in place of handing over the full trust instrument. It proves the trust exists and that the trustee has authority to act, without disclosing who inherits what or in what shares.What It Means
- Certified CopyCourt and AuthorityA copy of a court document carrying the clerk’s seal, confirming that it matches the original held on file. Escrow, title companies, and banks generally require certified copies, and many of them will not accept a scan or a photocopy.What It Means
- Chain of TitleTitle and DeedsThe recorded sequence of owners for a property, from the earliest recorded transfer through to the current one. A break anywhere in that sequence has to be resolved before a sale can close with title insurance.What It Means
- Cloud on TitleTitle and DeedsA recorded claim, defect, or unresolved interest that makes ownership of a property uncertain. It does not stop a property being listed, but it generally stops a sale from closing until it is cleared or insured over.What It Means
- Co-ExecutorPeople and RolesTwo or more people appointed by a will or a court to serve as executor together. Unless the will says otherwise they generally act jointly, which means documents need every signature rather than any one alone.What It Means
- Co-TrusteePeople and RolesTwo or more people serving as trustee at the same time. Whether they must act together or can act alone is set by the trust document, and title companies read that language closely before a sale.What It Means
- CodicilThe BasicsA signed amendment to an existing will, changing part of it without replacing the whole document. A will and its codicils are read together, and a codicil can change who serves or who inherits what.What It Means
- Community PropertyThe BasicsNevadaA form of ownership between spouses in which property acquired during the marriage is generally owned equally by both of them. Nevada is a community property state, which affects how a house is titled and how it is taxed at death.What It Means
- Confirmation HearingSelling the PropertyA court hearing where a judge reviews and approves the sale of estate real property before it can legally close. It applies to estates administered without full independent authority, and it is where an overbid can happen.What It Means
- ConservatorPeople and RolesA person or professional appointed by a court to manage the finances and property of someone still living who cannot manage them alone. A conservatorship ends at the person’s death and does not carry over to the estate.What It Means
- ContingencySelling the PropertyA condition written into a purchase agreement that must be satisfied before a sale can proceed to closing. Common contingencies cover financing, inspection, and appraisal, and any one left unresolved can end the contract entirely.What It Means
- Corporate TrusteePeople and RolesA bank or trust company serving as the trustee instead of an individual person. Corporate trustees typically move through required documentation and approval on their own institutional schedule, rather than on any one family’s timeline.What It Means
- Cost BasisMoney and TaxThe value used to calculate gain or loss when property is sold for tax purposes. For inherited property, basis is usually reset to the value at the date of death rather than what the original owner paid.What It Means
- CreditorPeople and RolesAnyone owed money by the decedent or the estate, from a credit card company to a contractor with an unpaid invoice. Creditors have a formal right to file a claim against the estate before it distributes.What It Means
- Creditor ClaimCourt and AuthorityA formal request filed against an estate by someone owed money by the decedent. Creditors generally have a limited window to file, and unresolved claims can affect when a representative can safely distribute sale proceeds.What It Means
D6 terms
- Date of Death ValueMoney and TaxThe fair market value of a property as of the date its owner died. It sets the basis heirs use for capital gains, and it is the figure a retrospective appraisal is ordered to establish.What It Means
- DecedentThe BasicsThe legal term for the person who has died and whose estate is being administered. It appears throughout court filings and title documents in place of a name, and it is worth recognizing on sight.What It Means
- DeedTitle and DeedsThe legal document that transfers ownership of real property from one party to another. In an estate sale, the deed reflects who currently holds title and what authority that person has to convey it away.What It Means
- Deed of DistributionTitle and DeedsThe deed a personal representative uses to transfer estate property directly to the heirs or beneficiaries entitled to it, rather than selling it to a third party. It closes out the estate’s ownership of the asset.What It Means
- DomicileThe BasicsThe place a person considers their true, permanent home, which determines which state’s court has primary authority over their estate. It is not always the same as where they were physically living when they died.What It Means
- Due-on-Sale ClauseMoney and TaxA mortgage provision letting the lender demand full repayment once the property transfers ownership. Federal law generally exempts transfers to heirs after death, so this rarely blocks an estate sale from moving forward in practice.What It Means
E8 terms
- Earnest MoneySelling the PropertyA deposit a buyer submits with an offer to show serious intent to purchase. It is held in escrow and typically applied to the purchase price at closing, or returned or forfeited depending on how the contract ends.What It Means
- EncumbranceTitle and DeedsAny claim, lien, or interest attached to a property that affects its title, including a mortgage, an easement, or unpaid taxes. It generally has to be identified and addressed before a sale can close cleanly.What It Means
- EscrowSelling the PropertyA neutral third party that holds funds and documents during a sale and completes the transfer once every condition is met. In an estate sale, escrow will not open a file, let alone close one, without proof of legal authority.What It Means
- EstateThe BasicsEverything a person owned at the time of death, including real property, personal belongings, financial accounts, and outstanding debts of every kind. It is administered as a legal entity, separate from the individual heirs themselves.What It Means
- Estate Income TaxMoney and TaxTax an estate itself may owe on income it earns while open, such as rental income or interest, separate from any tax the heirs pay on what they inherit. An estate selling property may owe this on income earned before closing.What It Means
- Estate SaleSelling the PropertyAn organized sale of a decedent’s personal belongings, typically held in the home before or during the process of selling the real property itself. It is a different event from the sale of the house.What It Means
- Estate TaxMoney and TaxA federal tax on the total value of an estate above a high exemption threshold, paid by the estate itself before distribution occurs. Most estates fall well under the threshold and owe nothing at all.What It Means
- ExecutorPeople and RolesThe person named in a will to carry out its instructions and formally administer the estate that person left behind. Court appointment through Letters Testamentary is required before that authority is treated as real by title and escrow.What It Means
F2 terms
- FiduciaryThe BasicsAnyone holding a legal duty to act in another person’s best interest, rather than their own, when managing that other person’s money or real property. Executors, administrators, and trustees are all fiduciaries under this standard.What It Means
- Final DistributionCourt and AuthorityThe court-approved transfer of an estate’s remaining assets to the heirs or beneficiaries legally entitled to them. It is the last formal step in probate, and it generally follows an accounting the court has approved.What It Means
G2 terms
- General AdministrationCourt and AuthorityNevadaThe standard, full probate proceeding used for estates that do not qualify for a Nevada summary administration or a set aside procedure. It involves the most court oversight and typically requires the most time to complete.What It Means
- Grant, Bargain, and Sale DeedTitle and DeedsNevadaThe standard deed form used to transfer real property in Nevada and several other western states. It includes limited warranties from the seller about the property’s title, more than a quitclaim but less than a full warranty deed.What It Means
H3 terms
- HeirPeople and RolesA person entitled to inherit under state law when someone dies without a valid will. Heirs are determined by a fixed order of relationship, not by preference, and the term is distinct from a beneficiary named in a document.What It Means
- Holographic WillThe BasicsNevadaA will written entirely in the testator’s own handwriting and signed only by that one person, without the witnesses a formally typed will normally requires. Nevada recognizes them under specific statutory conditions of its own.What It Means
- Homestead DeclarationMoney and TaxNevadaA recorded document protecting a portion of a home’s equity from certain creditors. In Nevada it must be filed to take effect, and a recorded declaration on an estate property has to be accounted for before or during a sale.What It Means
I6 terms
- Independent AdministrationCourt and AuthorityA level of authority letting a personal representative act, including selling real property, without a court confirmation hearing for most transactions. It is faster than a fully supervised probate but still operates under court oversight overall.What It Means
- Inheritance TaxMoney and TaxNevadaA tax some states impose on a beneficiary for what they receive from an estate, calculated differently from estate tax. Nevada does not impose an inheritance tax, though a beneficiary living elsewhere may owe one to their own state.What It Means
- Interested PartyThe BasicsAnyone entitled to formal notice in a probate or trust proceeding, including heirs, beneficiaries, and creditors of the estate. It is broader than any single role and defines who has to be told and when.What It Means
- IntestateThe BasicsDescribes a person who died without ever leaving a valid will behind them. When someone dies intestate, state law rather than any personal document decides who inherits, and who is appointed to administer the estate.What It Means
- Inventory and AppraisementCourt and AuthorityA formal court filing listing everything an estate owns and its value, typically prepared shortly after appointment. Real property appears on it at its value as of the date of death, usually supported by an appraisal.What It Means
- Irrevocable TrustTrustsA trust that generally cannot be changed or revoked once created, unlike a revocable living trust. Selling property out of one typically follows the trust’s own terms rather than the flexible authority a grantor keeps in a revocable trust.What It Means
J1 term
L3 terms
- Letters of AdministrationCourt and AuthorityThe court document giving an administrator authority to act for an estate that has no valid will. Like Letters Testamentary, nothing can be sold or transferred until it is issued and available as a certified copy.What It Means
- Letters TestamentaryCourt and AuthorityThe court document giving an executor legal authority to act for an estate that has a valid will. Nothing can be sold, closed, or transferred until it is issued and available as a certified copy.What It Means
- LienTitle and DeedsA legal claim against a property securing payment of a debt, giving the creditor a right to be paid from sale proceeds before the owner receives anything. Liens have to be identified and resolved for a sale to close cleanly.What It Means
N4 terms
- Next of KinPeople and RolesA person’s closest living relatives, typically relevant for notification purposes rather than as a legal category granting any real authority. It often but does not always match the legal list of heirs entitled to inherit.What It Means
- Notice of HearingCourt and AuthorityFormal notification sent to interested parties informing them of an upcoming court hearing related to the estate. It gives recipients an opportunity to appear or object, and it has to run within a set time before the hearing itself.What It Means
- Notice of Proposed ActionSelling the PropertyA written notice a personal representative sends to interested parties describing an action they intend to take, such as selling real property, giving those parties a set window to object before the action can proceed.What It Means
- Notice to CreditorsCourt and AuthorityNevadaA formal notice published and mailed early in probate, informing potential creditors of the decedent that a claim window is now open. It sets the clock running on when the estate’s debts can still be collected.What It Means
O4 terms
- ObjectionCourt and AuthorityA formal challenge filed by an interested party disputing a proposed action, an accounting, an appointment, or another step in a probate or trust proceeding. It generally requires the court to review the disputed matter.What It Means
- OccupancySelling the PropertyWho, if anyone, is living in a property while it is being marketed and sold. In an estate sale, occupancy can involve a surviving spouse, a tenant, a family member, or nobody at all, and each requires different handling.What It Means
- Order Confirming SaleSelling the PropertyThe court document issued after a confirmation hearing, formally approving a specific sale of estate real property at a specific confirmed price. It is the document title and escrow actually rely on to close the transaction.What It Means
- OverbidSelling the PropertyNevadaA higher offer made in open court at a confirmation hearing, topping an already accepted purchase price for estate property. It can result in the property being confirmed to a new buyer instead of the original one.What It Means
P14 terms
- Partition ActionCourt and AuthorityA lawsuit filed to force the sale or division of jointly owned property when the co-owners cannot agree on what to do with it. It is the last resort when heirs who inherited together will not cooperate on a sale.What It Means
- Payoff DemandMoney and TaxA document from a lender or lienholder stating the exact amount required to fully pay off and release their claim on a property. Escrow uses it to calculate how much of the sale proceeds pays off existing debt.What It Means
- Personal PropertyThe BasicsMovable belongings, as distinct from real property, including furniture, vehicles, jewelry, and household items of every kind. Personal property in an estate is generally handled separately from the house itself, though the two often need coordinating.What It Means
- Personal RepresentativePeople and RolesThe umbrella term for whoever is legally authorized to administer an estate, whether appointed as an executor under a will or as an administrator where there is no will. Nevada court documents commonly use this phrase.What It Means
- Petition for ProbateCourt and AuthorityThe document filed with the court to formally open a probate proceeding, requesting that a will be admitted and a personal representative appointed. It is the first formal step, and nothing about the estate is official before it.What It Means
- Petition to Sell Real PropertyCourt and AuthorityA court filing requesting specific legal authority to sell a piece of estate real property, required whenever a personal representative does not already hold that power under independent administration or a will’s own stated terms.What It Means
- Pour-Over WillTrustsA will used alongside a revocable living trust, directing that any assets not already titled in the trust’s name at death be transferred into it. It is a safety net, not the primary estate planning document.What It Means
- Power of AttorneyCourt and AuthorityA document authorizing someone to act on another living person’s behalf while that person is still alive and legally able to grant it. It carries no authority whatsoever after death, which confuses many families dealing with an estate.What It Means
- Private Professional FiduciaryPeople and RolesNevadaA licensed individual who serves as executor, trustee, or conservator for a fee, typically appointed by a court where family members are unavailable, unwilling, or considered legally unsuitable to serve in that same role themselves.What It Means
- ProbateThe BasicsThe court-supervised legal process of administering a deceased person’s entire estate, including appointing someone to act, paying off outstanding debts, and distributing remaining assets to heirs or beneficiaries. Real property often has to pass through it.What It Means
- Probate RefereePeople and RolesNevadaA court-appointed appraiser used in some other states to value estate assets for probate purposes. Nevada has no equivalent office of its own, and estates here instead rely on independent licensed appraisers for date of death valuations.What It Means
- Property TaxMoney and TaxAn annual tax assessed on real property by the county, based on its assessed value. In an estate, unpaid property tax can become a lien, and how the tax is prorated at closing follows standard escrow practice.What It Means
- Publication of NoticeCourt and AuthorityPublishing a legal notice in a newspaper of general circulation, used to inform interested parties or unknown creditors when direct notice is impractical or required by law alongside it. It is a formal step with specific requirements.What It Means
- Purchase AgreementSelling the PropertyThe signed contract between buyer and seller setting the price, terms, and contingencies of a real estate sale. In an estate sale, it is generally signed by the personal representative or trustee in their official capacity.What It Means
Q1 term
R6 terms
- Real PropertyThe BasicsLand and anything permanently attached to it, including a house and its structures, as distinct from personal property. Real property generally requires a deed to transfer, whether that transfer happens inside or outside probate itself.What It Means
- Real Property Transfer TaxMoney and TaxNevadaA tax Nevada counties charge when real property changes ownership, generally calculated as a percentage of the sale price and paid at closing. Certain transfers into and out of an estate or trust can qualify for an exemption.What It Means
- RenunciationCourt and AuthorityA formal, voluntary refusal by an heir, beneficiary, or nominated executor to accept an inheritance or an appointment. Once properly filed, it is generally treated as if that person had died before the decedent for that purpose.What It Means
- Reverse MortgageMoney and TaxA loan available to older homeowners that pays out equity rather than requiring monthly payments, and that becomes due when the borrower dies, moves out, or sells. Estates frequently need to resolve one before selling the house.What It Means
- Revocable Living TrustTrustsA trust created during a person’s lifetime that they can change or revoke at any time, commonly used to hold property so it avoids probate at death. It becomes irrevocable, and control passes to a successor trustee, once the grantor dies or becomes incapacitated.What It Means
- Right of SurvivorshipTitle and DeedsA feature of certain forms of co-ownership where a deceased owner’s interest passes automatically to the surviving co-owner or owners, without going through probate. It is a specific feature, not a form of ownership on its own.What It Means
S11 terms
- Schedule of Trust AssetsTrustsA list attached to or referenced by a trust document, identifying the specific assets, including real property, that have been transferred into the trust. It is often the clearest evidence of whether a house was actually funded into the trust.What It Means
- Seller’s Real Property DisclosureSelling the PropertyNevadaNevada’s required disclosure form where a seller states known material defects about a property’s condition. A personal representative or trustee who never lived in or personally used the property can often claim a specific exemption from completing it in full.What It Means
- Set Aside EstateCourt and AuthorityNevadaA simplified Nevada probate procedure that sets aside a small qualifying estate directly to a surviving spouse or to minor children, without a full formal administration, when the estate falls under a specific court value limit.What It Means
- SettlorTrustsThe specific person who creates a trust and transfers their own assets into it during their lifetime. In a typical revocable living trust, the settlor also initially serves as its own trustee, managing those assets until death.What It Means
- Special AdministrationCourt and AuthorityA limited, temporary court appointment giving someone narrow authority to act for an estate before a full personal representative is in place, often used to address an urgent need such as protecting the property itself.What It Means
- Special AdministratorPeople and RolesThe person appointed under special administration, holding narrow, temporary authority to act for an estate before a full personal representative is in place. Their power is limited strictly to whatever the court’s order specifically grants.What It Means
- Spendthrift TrustTrustsNevadaA trust provision, or a trust built around one, that restricts a beneficiary’s ability to sell, assign, or pledge their interest, and shields it from most of that beneficiary’s creditors. Nevada law offers strong protection for these provisions.What It Means
- Step-Up in BasisMoney and TaxThe tax rule that generally resets an inherited asset’s cost basis to its value at the date of death, rather than what the original owner paid. It is usually the single biggest reason inherited property owes little capital gains tax.What It Means
- Successor TrusteeTrustsThe person or institution named in a trust document to take over trustee duties once the original trustee dies, resigns, or becomes incapacitated. Their authority to sell trust property begins the moment they properly step into the role.What It Means
- Summary AdministrationCourt and AuthorityNevadaA simplified Nevada probate procedure available to estates under a specific value limit, requiring fewer formal steps than a full administration while still involving court oversight. It can include real property, unlike some smaller shortcuts.What It Means
- Surviving SpousePeople and RolesThe husband or wife of a decedent who was still legally and formally married to them at the exact time of that person’s death. A surviving spouse often holds specific rights and priority in Nevada probate.What It Means
T14 terms
- Taxpayer Identification NumberMoney and TaxA number the IRS assigns to an estate or trust for tax reporting purposes, separate from the decedent’s own Social Security number. Escrow and financial institutions generally require it to open and manage estate accounts.What It Means
- Tenancy in CommonTitle and DeedsA form of co-ownership where each individual owner holds a separate legal share of the property itself, which passes on through that specific owner’s own individual estate at death, rather than to the other co-owners.What It Means
- Testamentary TrustTrustsA trust created by a will that only comes into existence after the person dies and the will is admitted to probate, unlike a living trust created during someone’s lifetime. It generally has to be established through probate first.What It Means
- TestateThe BasicsDescribes a person who died leaving behind a valid, properly executed will of their own making. A testate estate is administered according to the terms of that will, including who it names to serve as executor.What It Means
- Title InsuranceTitle and DeedsA policy protecting a buyer or lender against loss from a title defect not discovered during the title search, such as an old lien, a forgery, or a missing heir. It is generally required before a sale can close.What It Means
- Title SearchTitle and DeedsThe process of examining public records to trace a property’s ownership history and identify any liens, defects, or claims affecting title. It is typically ordered early in a sale and forms the basis for the title insurance policy.What It Means
- Transfer on Death DeedTitle and DeedsNevadaA Nevada deed that names a beneficiary to receive real property automatically at the owner’s death, without probate, while the owner keeps full control and can revoke it during their lifetime. It replaced the older deed upon death.What It Means
- TrustThe BasicsA legal arrangement where one party, the trustee, holds and manages property for the benefit of another, the beneficiary, under terms set by whoever created it. Trusts commonly hold real property to avoid probate at death.What It Means
- Trust AdministrationTrustsThe process of managing and eventually distributing a trust’s assets after its own creator has died or become legally incapacitated, carried out privately by a trustee rather than through any formal, court supervised proceeding of any kind.What It Means
- Trust AmendmentTrustsA signed document changing part of an existing trust without replacing the entire instrument itself, most commonly used to change trustees, beneficiaries, or other specific terms. Trust amendments are read together with the original trust document.What It Means
- Trust FundingTrustsThe process of actually transferring ownership of assets, including real property, into a trust’s name, typically through a recorded deed. A trust with no funding offers none of its intended benefits, regardless of how carefully it was drafted.What It Means
- Trust PropertyTrustsAny asset that has been formally transferred into a trust’s name, including real property held under a recorded deed showing the trust as owner. It is managed by the trustee rather than by any individual beneficiary directly.What It Means
- TrusteePeople and RolesThe person or institution holding legal title to trust assets and managing them according to the trust’s terms, for the benefit of the beneficiaries. A trustee owes fiduciary duties similar to those of an executor administering an estate.What It Means
- Trustee’s DeedTitle and DeedsThe deed a trustee signs to convey trust real property to a buyer, signed in that capacity rather than as an individual. It is the trust equivalent of the deed a personal representative signs when selling estate property.What It Means
V2 terms
- Vacant Property InsuranceSelling the PropertyA specialized insurance policy for a property that is unoccupied, since a standard homeowners policy often excludes or limits coverage once a house has been vacant beyond a set period. Estate properties are frequently vacant during the sale process.What It Means
- VestingTitle and DeedsThe specific way ownership of a property is legally held, as stated on the recorded deed, such as joint tenancy, tenancy in common, or as trustee of a named trust. Vesting determines what happens to a property at an owner’s death.What It Means
W3 terms
- Waiver of BondCourt and AuthorityA written agreement or a provision in a will releasing a personal representative from the requirement to obtain a bond. It saves the estate the cost of a bond premium but removes a layer of financial protection for the estate.What It Means
- WillThe BasicsA legal document stating how a person wants their property distributed after death and, typically, naming an executor to carry out those instructions. It must generally be admitted to probate before it has legal effect.What It Means
- Will ContestCourt and AuthorityA formal legal challenge disputing the validity of a will, generally based on claims such as lack of capacity, undue influence, improper execution, or fraud. It can significantly delay an estate and any sale of its property.What It Means
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