Pro Rata Distribution
Also known as the Executor or Personal Representative, this is person is responsible for carrying out the terms of a will, distributing assets and satisfying the obligations of the Decedent’s Estate. If there is no will, the court will typically name a person or institution to fulfill the responsibilities which include:
- Collecting assets of the deceased person
- Paying any liabilities remaining (of the Estate)
- Distributing assets of the Estate to beneficiaries named in the will or determined as such by the Executor
Refers to the party that has placed a Decedent’s financial matter with AscensionPoint for resolution
Refers to the Decedent’s previous relationship with AscensionPoint’s Client, with whom the Decedent had a financial matter.
Refers to a person who has passed away, i.e., a deceased person.
In the context of a deceased person, an Estate is created whenever a person passes away. The Estate is typically the total value of a Decedent’s assets minus any of the Decedent’s liabilities. An Estate includes the Decedent’s own property, but not assets placed in trust, payable-on-death benefits, jointly held assets, or other assets over which the Decedent had control, but did not directly belong solely to the Decedent.
- Estate Recovery Specialist
A company who attempts to resolve its Clients’ financial matters involving a deceased Customer with the Authorized Estate Representative in a professional and compassionate manner.
- No-Asset Estate
A No-Asset Estate is one that consists of assets that are not subject to Probate and may include the following:
- Joint Tenancy or Jointly Held Assets
- Insurance Benefits
- Employee Benefit Plan
- Personal Property
- Pro Rata Distribution
Refers to a proportionate allocation. It is a method of assigning an amount to a fraction, according to its share of the whole.
The legal process in which a will is reviewed to determine whether it is valid and authentic. Probate also refers to the general administering of a deceased person’s will or the Estate of a deceased person without a will.
a. Should a creditor wish to have a financial matter satisfied by the Estate paid, typically a creditors’ claim must be submitted to the Probate court and/or the Authorized Estate Representative.
b. Creditor claims are listed under debts in the Inventory.