The process of settling an estate can be a time consuming and complex process. Planning and communication by the decedent before his or her death can simplify the process for the survivors, but even if little or no planning has taken place someone must take action to assure that the decedent’s assets are distributed appropriately. Some estates will take relatively little work to settle while others will require considerable time and effort.
Listed below are other resources that may be useful during the process of settling an estate or creating an estate plan. A checklist of estate settlement tasks is also provided on page 3 of the MontGuide or you can download one at the bottom of this page.
Definitions
Beneficiary:
A person (or legal entity) who is entitled to the benefit of a trust, proceeds of retirement funds, insurance policy, payable on death account or transfer on death registration upon the owner’s death.
Decedent:
A deceased person.
Devisee:
A person or entity designated in the decedent’s will to receive property passing under the decedent’s will.
Estate:
A term used to describe all of a person’s possessions. An estate includes both probate and nonprobate assets (real estate, personal property, financial accounts, etc.) and debts (credit cards, loans, phone bill, etc.) owed to others.
Estate Administration:
The process, including probate, of the personal representative gathering all the property of someone who died, paying all just debts and taxes, and distributing the balance to the devisees designated in the will or the heirs as prescribed by the legislature where there is no will or if the will is declared invalid by the district court.
Personal Representative:
A person nominated in a will and then appointed by the district court to administer the estate of a decedent. Personal representatives were formerly referred to as executors or administrators.
Probate:
A judicial proceeding to determine if the decedent had a valid legal will, to appoint a personal representative to administer the estate, and to determine the creditors, devisees, or heirs who are entitled to the decedent’s property.