Title Transfers and Wills
One of the three methods of voluntary alienation, or the voluntary transfer of title to real estate, is through a will. The legalese term that applies to this scenario is “testate,” which is used to refer to the death of a person with a will.
Depending on whether the will is transferring personal property or real property, different terms and processes are involved. Before reviewing the differences between the transfer of personal property and real property through a will, let’s review the common elements and parties involved with the disposition of either type of properties:
- Testator. The deceased person who created the will or for whom the will was created is called the testator; however, this person may also be called the testatrix, if female. The testator is the person whose property is being disposed through the will.
- Executor. The person named in the will to administer the terms of the will is called the executor. This person may also be called the executrix, if female.
- Administrator. If the deceased person has died intestate (without a will), the probate court may appoint an administrator to oversee the distribution of the deceased person’s estate. An administrator may also be appointed if the will does not specify an executor. The female version is often called an administratrix.
- Probate. The process by which probate court settles the estate of a deceased person is called probate. Probate court is typically required when someone with assets dies without a valid will.