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March 25, 2011

Trustee

Trustee references a person or entity in charge of managing assets protected through a trust. Trustees act as fiduciary for beneficiaries and are responsible for making solid financial decisions for their greater good.

Trustee also references the person in charge of managing personal and corporate bankruptcies. Bankruptcy trustees are appointed through the Department of Justice and responsible for managing court ordered sale of assets under Chapter 7 and distributing payments to creditors under Chapter 13.

Real Estate Investing article on "Trustee"

February 19, 2009

Probate Estate

Probate estate is a term used to describe assets belonging to a person who has died. Probate is the legal process used to determine rightful heirs and establish a value for financial and real estate holdings. Everything the person owned must be transferred to the probate court before distribution to heirs can occur.

The process for transferring probate estate assets typically lasts several months. Much depends on the size and value of the estate. If the decedent established estate planning the estate can pass through probate relatively quickly. However, if the decedent died without executing a last will and testament, the process will take longer

Real Estate Investing article on "Probate Estate"

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