WORDS & PHRASES ASSOCIATED WITH PROBATE
Lawyers, courts, laws and statutes can sometime use hard to understand language; which makes you ask, what the heck does that mean? So, below are some commonly used terms by people in, out, and around the probate circuit — i.e., people who work, hang out, advocate, make laws, and report on probate.
| Guardian | Person that is responsible for the care, health and well being of another person. |
| Guardianship | Means the same things as a Guardian. Use either one. |
| Conservator | Person that is responsible for the assets (ex: house, money, vehicle) of another person. |
| Conservatorship | Means the same things as a Conservator. Use either one. |
| Emergency Guardian | Person appointed by a court to be the Guardian, for a temporary time (usually 90 days), until the actual guardianship trial has taken place; because the person that needs a guardian is perceived to be in immediate danger from “whatever” situation.
Yep; you can say whatever you like for the “danger”; you will have to prove to the court that it is a danger. Ironically, it doesn’t take much to say a person is in danger. For example, either you or you can get a doctor to say a person is likely not capable of taking care of themselves. |
| Emergency Conservator | Person appointed by a court to be the Conservator, for a temporary time (usually 90 days), until the actual Conservator trial has taken place; because the person that needs a conservator is perceived to be in immediate danger from “whatever” situation.
Yep; you can say whatever you like for the “danger”; you will have to prove to the court that it is a danger. Ironically, it doesn’t take much to say a person is in danger. For example, you can say the person did not pay their bills; so they need an “emergency conservator” to step in and pay their bills. |
| Ward | Court has declared a person to not being able to take care of themselves; therefore court has assigned that person a guardian. |
| Protected Person | Court has declared a person to not being able to take care of their assets; therefore, court assigned that person a conservator. |
| Estate | Everything that a person owns; e.g., house, car, bank accounts, 401K, life insurance policy,… |
| Estate Plan | Setup a way to keep the things that you own out of probate; so that you can continue to own and benefit from them. I.E., you setup a trust, have a living will, power of attorney, health care directive, etc. |
| Assets | Things that you own that has value. |
| Pay on Death | Where you name in writing the person who should received your assets. Typically, Pay on Death are on bank accounts, money market accounts, and certificate of deposits. |
| Power of Attorney | Document where one person gives another person the authority to make decisions for them. You can give broad powers that cover everything; limited powers that covers one thing; or any where in between.
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| Health Care Directive | Document where one person gives another person the authority to make medical decisions for them. This document is typically in place in case of emergencies and you are not capable of talking with your doctors or other health care professionals. |
| Will / Living Will | Document where you say what should happen to your assets; who gets them; when do they get them; and any other terms you want in place regarding the distribution of your assets after you die. |
| Living Trust | Collection of documents and instruments that keep your assets from going to probate. Instruments can include setting up a land trust, Limited Liability Corporation, etc. |
| Meditation | When two parties enlists an independent third party to help them resolve issues and disputes. |
| Incapacitated | When a person is not able to act or make decisions in their own best interest. |
