Inherited house course glossary: 90 terms

Every trade word from the course in plain English, A to Z. Each links to the lesson that teaches it.

1ABCDEFGHIJLMNPRSTVW

1

120-hour rule

An heir must outlive the decedent by 120 hours (5 days) or is treated as having died first. Who inherits with and without a will

A

Abate

To shrink gifts in a set order when the estate runs short. Selling an inherited house

Affidavit

A written statement you swear to be true, signed before a notary. How the house passes: probate, small estate, beneficiary deed, joint tenancy

Appraiser

A qualified person who estimates what a property is worth. Your duties: creditors, notices, taxes, insurance, and keeping a vacant house safe

B

Basis

The starting number used to measure a gain when something is sold. Selling an inherited house

Beneficiary deed

A deed signed and recorded by the owner before death that passes the house to a named person at death; the owner can revoke it. How the house passes: probate, small estate, beneficiary deed, joint tenancy

Bond

A promise, backed by money, that someone will carry out a duty honestly; this course's sources do not say whether one is required. Becoming the personal representative (informal probate)

C

certificate of service

A form part saying you mailed or hand-delivered copies to the people required. Closing the estate

Claim

A creditor's written demand to be paid from the estate. Your duties: creditors, notices, taxes, insurance, and keeping a vacant house safe

claim

A bill someone says the estate owes. Closing the estate

Clerk and recorder

The county office that keeps recorded deeds and property records. How the house passes: probate, small estate, beneficiary deed, joint tenancy

Closing costs

Fees paid at the sale, such as agent, title and closing charges. Selling an inherited house

compromise

A written agreement that settles a dispute over a will or estate. When heirs disagree

Creditor

Anyone the dead person owed money to. Your duties: creditors, notices, taxes, insurance, and keeping a vacant house safe

D

Decedent

The person who died. Who inherits with and without a will

decree of final discharge

The court's order that ends the PR's responsibility. Closing the estate

demand for notice

A short filing that makes the court tell you about orders and filings in the estate. When heirs disagree

Descendant

A child, grandchild, or later generation of a person. Who inherits with and without a will

Designated beneficiary agreement

A signed agreement under Colorado law that gives a named person the right to inherit; that person can take the spouse's place in the intestate order. Who inherits with and without a will

Devisee

A person or group named in a will to receive property. Who inherits with and without a will

Devisee

A person a will leaves property to. Selling an inherited house

devisee

A person a will says gets something from the estate. When heirs disagree

Disallow

To reject a creditor's claim in writing. Your duties: creditors, notices, taxes, insurance, and keeping a vacant house safe

distributee

A person who receives property from the estate. Closing the estate

E

Estate

All the property a person owned at death. Who inherits with and without a will

F

Fair market value

The price a willing buyer and a willing seller would agree on. Your duties: creditors, notices, taxes, insurance, and keeping a vacant house safe

Fiduciary

Someone who must act for other people's benefit and not their own, and who is held to a high standard of care. Your duties: creditors, notices, taxes, insurance, and keeping a vacant house safe

fiduciary

Someone who must put other people's interests ahead of their own. When heirs disagree

final accounting

A written report of the money in and out of the estate. Closing the estate

final settlement

The court's order approving the final account and distribution. Closing the estate

formal closing

Closing through a court petition, hearing and approval order. Closing the estate

Formal probate

A process with notice and a hearing where a judge reviews and gives final approval. Becoming the personal representative (informal probate)

Formal proceeding

A court case with notice to interested people and a hearing. Selling an inherited house

formal proceeding

Probate where the court gives notice, holds a hearing and rules. When heirs disagree

formal testacy proceeding

A court case to decide whether the person left a valid will. When heirs disagree

G

Grantee-beneficiary

The person a beneficiary deed names to receive the property at the owner's death. How the house passes: probate, small estate, beneficiary deed, joint tenancy

H

Heir

A person the statute says receives property when there is no will for it. Who inherits with and without a will

Heir

A person the law says gets property when there is no will. Selling an inherited house

heir

A person the law says gets a share when someone dies without a will. When heirs disagree

Holdback

Money kept in the estate for bills or claims that may still arrive. Selling an inherited house

I

informal closing

Closing by filing a sworn statement; the court does not review or approve it. Closing the estate

Informal probate

A paper process where the probate registrar reviews forms with no hearing and no prior notice. Becoming the personal representative (informal probate)

informal proceeding

Probate handled by a registrar's paperwork review without a court hearing. When heirs disagree

Information of Appointment

JDF 940, the notice you send heirs within 30 days of being named. Becoming the personal representative (informal probate)

Interested person

Someone who must get notice because the estate affects them, like heirs, devisees, spouse and creditors. Becoming the personal representative (informal probate)

Intestate

Without a will, or the part of an estate a will does not cover. Who inherits with and without a will

Intestate

Without a valid will. Selling an inherited house

Intestate succession

The order of heirs set by Colorado statute when there is no will for the property. Who inherits with and without a will

Inventory

A list of what the dead person owned, on the court form JDF 941. Your duties: creditors, notices, taxes, insurance, and keeping a vacant house safe

J

JDF 999

The small-estate affidavit for collecting personal property; it is not filed with the court. How the house passes: probate, small estate, beneficiary deed, joint tenancy

Joint tenancy

Co-ownership with right of survivorship; when one owner dies the survivors keep the property. How the house passes: probate, small estate, beneficiary deed, joint tenancy

joint tenancy

A way for two or more people to hold title where the survivor keeps the whole. When heirs disagree

L

Letters

The certified court paper (JDF 915) that proves a personal representative's authority. Becoming the personal representative (informal probate)

Letters

The court paper (JDF 915) that proves a PR is in charge of the estate. Selling an inherited house

Lien

A debt that is attached to property, such as a mortgage or deed of trust. How the house passes: probate, small estate, beneficiary deed, joint tenancy

Lien

A creditor's legal claim on a specific piece of property, such as a mortgage on a house. Your duties: creditors, notices, taxes, insurance, and keeping a vacant house safe

Lien

A creditor's legal claim on a specific property, such as a mortgage on a house. Selling an inherited house

M

Mortgage payoff

The amount a lender must be paid back at closing so its lien is removed. Selling an inherited house

N

Nominee

The person asking to be named personal representative. Becoming the personal representative (informal probate)

non-appearance hearing

A calendar reminder date where no one has to come to court. Closing the estate

Nonclaim statute

A law that bars late claims and whose deadline cannot be waived or paused. Your duties: creditors, notices, taxes, insurance, and keeping a vacant house safe

Notice to creditors

A public notice, usually in a newspaper, telling creditors the deadline to present claims. Your duties: creditors, notices, taxes, insurance, and keeping a vacant house safe

P

partition

A court-ordered division or sale of land owned by co-owners. When heirs disagree

Per capita at each generation

A way to split an estate: one equal share for each living person in the closest generation with anyone alive, plus one share for each dead person in that generation who left descendants. Who inherits with and without a will

Personal property

Everything owned that is not land or buildings, like bank accounts, cars and furniture. How the house passes: probate, small estate, beneficiary deed, joint tenancy

Personal representative

The person, at least 21, whom the court appoints to run the estate; this role was once called executor. How the house passes: probate, small estate, beneficiary deed, joint tenancy

Personal representative

A person at least 21 whom the court appoints to run a dead person's estate; once called executor. Becoming the personal representative (informal probate)

Personal representative

The person the court puts in charge of a dead person's estate. Also called PR. Your duties: creditors, notices, taxes, insurance, and keeping a vacant house safe

Personal representative

The person the court puts in charge of a dead person's estate. Selling an inherited house

personal representative

The person the court names to run the estate; also called the PR. When heirs disagree

personal representative

The person the court names to run the estate; also called the PR. Closing the estate

petition

A written request to the court. Closing the estate

Priority for appointment

The legal order of who gets to serve first as personal representative. Becoming the personal representative (informal probate)

Priority of claims

The legal order in which allowed debts are paid when money is short. Your duties: creditors, notices, taxes, insurance, and keeping a vacant house safe

Probate

The court process that gives someone legal power to handle a dead person's property and pay their debts. How the house passes: probate, small estate, beneficiary deed, joint tenancy

Probate registrar

The court official who checks the forms and, in informal cases, names the personal representative. Becoming the personal representative (informal probate)

Proceeds

The money a sale brings in. Selling an inherited house

R

Real estate

Land and the buildings on it. How the house passes: probate, small estate, beneficiary deed, joint tenancy

receipt and release

A signed form where an heir says they got their share. Closing the estate

Renunciation

A signed paper (JDF 912) where a person with priority gives up the right to serve or names someone else. Becoming the personal representative (informal probate)

S

Step-up in basis

The general idea that inherited property may start with a basis near its date-of-death value. Ask a tax professional. Selling an inherited house

Successor

A person other than a creditor who is entitled to a decedent's property under a will or the statutes. Who inherits with and without a will

Surcharge

A court order making a PR pay the estate back from personal money for a mistake. Your duties: creditors, notices, taxes, insurance, and keeping a vacant house safe

surcharge

A court order making a PR repay the estate from their own pocket. When heirs disagree

T

Tenants in common

Co-ownership where a dead owner's share goes to their estate, not to the other owners. How the house passes: probate, small estate, beneficiary deed, joint tenancy

testacy

Whether the person left a valid will. When heirs disagree

Title

Legal ownership of a property. Selling an inherited house

V

Venue

The right court location; here it is the county where the decedent lived. Becoming the personal representative (informal probate)

verified statement

A written statement signed as true under oath. Closing the estate

W

Will

A signed paper that says who gets a person's property after death. Who inherits with and without a will