Administrator
A person appointed by the court to manage the estate of someone who died without a valid will. An administrator is responsible for handling the estate, paying debts, and distributing assets according to state law.
Affidavit
A written statement that someone signs under oath, declaring that the information provided is true.
Assignment
A legal document that transfers certain rights or interests from one person to another.
Beneficiary
A person named in a will, trust, insurance policy, or other legal document who is entitled to receive money or property.
Claim
A formal request submitted to recover money or property that someone believes they have a legal right to receive.
Claimant
The person seeking to recover surplus funds. A claimant may be the former property owner, an heir, a beneficiary, or another person who has a legal right to make the claim.
Contingency Fee
A fee that is only paid if funds are successfully recovered. With a contingency fee arrangement, there are typically no upfront fees for the recovery service.
Court Order
A written decision or directive issued by a judge that has legal authority.
Creditor
A person or company that is owed money.
Deceased
A legal term meaning a person has died.
Default
Failing to make required payments or fulfill a legal obligation, such as making mortgage payments.
Defendant
The person or party against whom a legal action has been filed.
Distribution
The process of dividing and paying money or property to the people who are legally entitled to receive it.
Due Diligence
The careful research and investigation conducted to verify information, identify potential issues, and ensure that a claim is accurate and complete.
Equity
The difference between the value of a property and the total amount owed against it.
Escrow
A neutral account where money or documents are temporarily held until certain legal conditions have been met.
Escheat
The legal process by which unclaimed money or property is transferred to the state after a specified period of time.
Estate
Everything a person owns at the time of their death, including real estate, money, bank accounts, vehicles, investments, and personal belongings.
Executor
A person named in a valid will to carry out the wishes of the deceased and manage the estate.
Foreclosure
The legal process in which a lender or other authorized party takes and sells a property after the owner fails to meet the terms of a loan or other legal obligation.
Foreclosure Sale
The public sale of a property after a foreclosure has taken place.
Guardian of the Estate
A person appointed by the court to manage the finances and property of a minor or an individual who is legally unable to manage their own financial affairs.
Heir
A person who may have the legal right to inherit property or assets from someone who has died.
Intestate
A legal term meaning a person died without leaving a valid will. When someone dies intestate, state law determines who may inherit their property and other assets.
Intestate Laws (Intestate Succession Laws)
The laws each state uses to determine who inherits a person's property when they die without a valid will. Because these laws vary from state to state, the legal heirs in one state may not be the same as in another.
Judgment
A final decision made by a court that determines the rights and responsibilities of the parties involved.
Letters of Administration
Court documents authorizing an administrator to manage the estate of someone who died without a valid will.
Letters Testamentary
Court documents authorizing an executor to manage the estate according to the terms of a valid will.
Lien
A legal claim against property for an unpaid debt or obligation.
Limited Power of Attorney
A legal document that authorizes another person or company to act on your behalf for specific purposes. In surplus funds recovery, it may allow a representative to obtain information and assist with your claim, but only within the authority you have granted.
Mortgage
A loan used to purchase real estate, with the property serving as security for the loan.
Notary Public
A state-authorized official who verifies the identity of individuals signing important legal documents and witnesses their signatures.
Personal Representative
A general term used to describe the person legally authorized to manage a deceased person's estate. This may be an executor or an administrator.
Petition
A formal written request asking a court to take a specific legal action.
Plaintiff
The person or party who initiates a lawsuit.
Probate
The court-supervised process of administering a deceased person's estate, paying any outstanding debts, and distributing the remaining assets to the appropriate heirs or beneficiaries.
Probate Estate
The property and assets that are subject to the probate process.
Public Record
Information maintained by government agencies that is available for public inspection, such as deeds, court records, foreclosure records, and probate filings.
Real Property
Land and anything permanently attached to it, such as a house or other buildings.
Representative
A person who has legal authority to act on behalf of another individual.
Sale Proceeds
The money received from the sale of a property before it is distributed according to applicable laws and legal obligations.
Sheriff's Sale
A public auction of property conducted under the authority of the court, often to satisfy a judgment or unpaid debt.
Small Estate Affidavit
A legal document that may allow heirs to collect certain assets without opening a full probate case if the estate qualifies under state law.
Successor
A person who legally assumes another person's rights or interests after certain legal events, such as death.
Surplus Funds
Money remaining after a property is sold and the required debts, liens, costs, and expenses associated with the sale have been paid. The remaining funds may be available to the former property owner or others who have a legal right to claim them.
Surplus Claim
The formal process of requesting payment of surplus funds from the appropriate government agency or court.
Tax Foreclosure
The sale of property because the owner failed to pay required property taxes.
Tax Sale
A public sale of property resulting from unpaid property taxes.
Title
The legal ownership of real property.
Title Search
Research conducted to determine who owns a property and whether any liens, judgments, or other legal interests are attached to it.
Trustee
A person or organization responsible for managing money or property for the benefit of another person or entity.
Trustee Sale
A foreclosure sale conducted by a trustee rather than through a court proceeding, as permitted under the laws of certain states.
Unclaimed Property
Money or assets that have not been claimed by their rightful owner within the time allowed by law.
Will
A legal document stating how a person wishes their property and assets to be distributed after their death.
Wrongful Claim
A claim submitted by someone who does not have the legal right to receive the funds or property being claimed.This is a Paragraph Font