1. Probate: Probate is the legal process of authenticating a person's will and overseeing the distribution of their assets after they have died. During probate, the will is presented to the court, creditors are notified, and beneficiaries are determined.
2. Letters Testamentary: Letters testamentary are legal documents granted by a court to the person or institution designated in a will to serve as the executor or personal representative of the deceased person's estate.
3. Executor: The executor is the individual or entity named in the will who is responsible for carrying out the instructions outlined in the will, including managing the estate, paying debts, collecting assets, and distributing them to beneficiaries.
4. Issuance: The court issues letters testamentary after confirming the validity of the will and determining that the executor named is legally qualified to serve in that capacity. The issuance of letters testamentary gives legal authority and power to the executor to act on behalf of the estate.
5. Powers and Responsibilities: Upon receiving letters testamentary, the executor has various legal powers and responsibilities, including:
- Gathering and managing estate assets
- Opening bank accounts for the estate
- Managing and paying estate expenses, including bills and taxes
- Ensuring debts and claims against the estate are addressed and settled
- Handling legal matters related to the estate, such as lawsuits or tax filings
- Distributing estate assets to beneficiaries as specified in the will
- Maintaining records of the estate's financial transactions
The issuance of letters testamentary marks a significant step in the probate process, officially appointing the executor and empowering them to carry out their duties in administering the deceased person's estate according to the wishes outlined in the will.