Q&A

What does Fiduciary mean in estate?

What does Fiduciary mean in estate?

Summary: A fiduciary, in estate planning terms, is a person who has a legal or ethical relationship with another person. Fiduciaries typically have a professional obligation to advise a person in matters of law, finances, or property — keeping the other party’s best interests in mind.

What is a decedent estate trust?

The legal process of executing a will or trust always refers to the deceased as a decedent and requires filing a final tax return that lists the entire estate. Establishing a trust prior to death is important because it allows a person to transfer the legal rights of his assets to another person before he dies.

What comprises the estate of the decedent?

An Estate is comprised of the real and personal properties of a decedent. A life insurance policy or a pre-need plan or a mutual fund placement is considered personal property. The beneficiary who will receive the proceeds under a life insurance policy or pre-need plan is an Estate.

Who are the decedents, estates and fiduciaries?

DECEDENTS, ESTATES AND FIDUCIARIES Chapter 1. Short Title and Definitions § 101. Short title. § 102. Definitions. Chapter 3. Ownership of Property; Legal Title and Equitable Estate § 301. Title to real and personal estate of a decedent. § 302. Title to real and personal estate of an incapacitated person. § 303.

What kind of title does a decedent have?

§ 101. Short title. § 102. Definitions. Chapter 3. Ownership of Property; Legal Title and Equitable Estate § 301. Title to real and personal estate of a decedent. § 302. Title to real and personal estate of an incapacitated person. § 303. Title to real and personal estate of a minor. § 304. Application of payments made to fiduciaries. § 305.

Who is the executor of a deceased person’s estate?

Decedent: the deceased person. Estate: the decedent’s property, including real estate, personal property and any other assets owned or controlled by the decedent at the time of his or her death. Executor: the person named in the decedent’s will to administer the estate who accepts appointment by qualifying before the Clerk.

What is the title to the estate of an incapacitated person?

Title to real and personal estate of an incapacitated person. § 303. Title to real and personal estate of a minor. § 304. Application of payments made to fiduciaries. § 305. Right to dispose of a decedent’s remains. Chapter 7. Orphans’ Court Divisions

DECEDENTS, ESTATES AND FIDUCIARIES Chapter 1. Short Title and Definitions § 101. Short title. § 102. Definitions. Chapter 3. Ownership of Property; Legal Title and Equitable Estate § 301. Title to real and personal estate of a decedent. § 302. Title to real and personal estate of an incapacitated person. § 303.

§ 101. Short title. § 102. Definitions. Chapter 3. Ownership of Property; Legal Title and Equitable Estate § 301. Title to real and personal estate of a decedent. § 302. Title to real and personal estate of an incapacitated person. § 303. Title to real and personal estate of a minor. § 304. Application of payments made to fiduciaries. § 305.

Decedent: the deceased person. Estate: the decedent’s property, including real estate, personal property and any other assets owned or controlled by the decedent at the time of his or her death. Executor: the person named in the decedent’s will to administer the estate who accepts appointment by qualifying before the Clerk.

Title to real and personal estate of an incapacitated person. § 303. Title to real and personal estate of a minor. § 304. Application of payments made to fiduciaries. § 305. Right to dispose of a decedent’s remains. Chapter 7. Orphans’ Court Divisions