Glossary of Estate Administration and Estate Planning Terms in the Administration of a New Jersey Estate

 

Administrator:

A person appointed by the court to manage and distribute the estate of a person who dies without a Will in New Jersey.

 

Caveat:

A formal notice given by someone to prevent the proving of a Will or the grant of administration of an estate.

 

Codicil:

An addition, supplement, or change to an original Will.

 

Estate:

All property and possessions owned by a person.

 

Executor/Executrix:

The person named in a Will to carry out the intentions expressed in the Will.

 

Guardian:

One entrusted by the laws of New Jersey with the care of a minor or mental incompetent of their property.

 

Intestate:

When someone dies without a Will in New Jersey.

 

Intestate Succession:

The New Jersey statutory priority of distribution of an Estate without a Will.

 

Personal Property:

Both intangible possessions, such as stocks, bonds, or bank accounts, and tangible property, like a car, furniture and personal effects.

 

New Jersey Probate:

Official proof of authenticity and/or validity of a Will issued by the County Surrogate of NJ.

 

Real Property:

Land or buildings.

 

Testator/Testatrix:

Person making a Will

 

Will:

A legal declaration of the way in which a person wishes his or her estate to be distributed after death.