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Testamentary Trust
A trust that is created by will and that does not take effect until the death of the testator.
Decedent's Will
A legal document specifying how an individual’s assets and responsibilities should be managed and distributed after their death.
Estate Administration
The process in which a decedent’s personal representative settles the affairs of the decedent’s estate, collects assets, pays debts and taxes, and distributes the remaining assets to heirs. The process is usually overseen by a probate court.
Probate Court
A specialized court that deals with matters pertaining to wills, estates, conservatorships, and guardianships.
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