Here are some additional terms people use when talking about Probate:
Estate Assets - the stuff a person owned when he or she died (usually property and money).
Estate Liabilities - usually, the money a person owed when he or she died. Sometimes, a person may also have legal liabilities, which usually are the potential claims for lawsuits against that person.
Estate - the collection of a person's assets and liabilities when he or she died.
Estate Administration - the process of (1) collecting & preserving the estate’s assets, (2) settling the estate’s liabilities, and (3) distributing any remaining assets to the person's heirs or beneficiaries (more on those later).
The statements in this blog are generalities, and exceptions exist. And, as always, this post is not legal advice. If you have any questions about this information or about what to do when a loved one passes, please contact us.