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Client

Authorized Estate Representative

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:

  1. Collecting assets of the deceased person 
  2. Paying any liabilities remaining (of the Estate) 
  3. Distributing assets of the Estate to beneficiaries named in the will or determined as such by the Executor
Client

Refers to the party that has placed a Decedent’s financial matter with AscensionPoint for resolution

Customer

Refers to the Decedent’s previous relationship with AscensionPoint’s Client, with whom the Decedent had a financial matter. 

Decedent

Refers to a person who has passed away, i.e., a deceased person.

Estate

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: 

  1. Joint Tenancy or Jointly Held Assets  
  2. Insurance Benefits
  3. 401K
  4. IRA 
  5. Employee Benefit Plan
  6. 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. 

Probate

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.