PAYABLE ON DEATH – A Payable on Death (POD) designation is a way to name beneficiaries on non-retirement accounts, such as bank accounts.  A similar designation, Transfer on Death (TOD), is used for non-retirement investment accounts.  Accounts with named beneficiaries are not subject to the Probate process and instead are inherited directly by the named individuals.

PERSONAL REPRESENTATIVE – An individual or individuals appointed by the Court to Probate an Estate.

PETITION FOR PROBATE – A pleading submitted to the Court, via the Register of Wills, requesting that Probate be opened, and a Personal representative appointed, for an Estate.

POD - A POD (Payable on Death) designation is a way to name beneficiaries on non-retirement accounts, such as bank accounts.  A similar designation, TOD (Transfer on Death), is used for non-retirement investment accounts.  Accounts with named beneficiaries are not subject to the Probate process and instead are inherited directly by the named individuals.

PRIORITY OF PAYMENTS – A statute that specifies the order that payments are to be made out of an Estate.  In Estates with limited assets, the further down the priority list, the less likely an individual or entity is to be paid by the Estate.  Generally, creditor Claims Against the Estate have the lowest priority.

PROBATE - The legal process wherein the Estate of a decedent is administered.

PROBATE ASSETS – The assets determined to be part of an Estate to be administered.  

PROBATE ESTATE – The assets determined to be part of an Estate to be administered.  

PROBATE FEE – The fee charged by the Court, via the Register of Wills, for their work overseeing the administration of an Estate.