Durable powers and healthcare proxies authorize someone to act for another in the event of incapacity. Understanding the following terms is the first step toward estate planning. Probate This is the name for the process in the Probate Court by which the ownership of assets passes to heirs and devisees. A devisee is someone who takes property by Will. Probate includes the collection of the deceased's assets, the payment of bills, and the distribution of real and personal property.
Real property is real estate.
Probate only distributes what the decedent own outright, not joint property, trust property, or life insurance proceeds. Will A Will is a legally binding statement of who will receive property at the death of the Will's signatory. A Will also appoints a legal representative to carry out the wishes of the deceased. The Will only covers probate property, not joint property, tmst property, or life insurance proceeds. The estate tax applies to both the probate and non-probate property of the decedent.