Administrator

A person appointed by the probate court to perform the same function as an executor when there is no last will.

Assets

Anything of value (cash, accounts, investments, personal and real property, etc.) than a person can possess.

Beneficiary

A person entitled to receive income or assets under a will, trust, policy or contract.

Bequest

A gift of money or assets made in a last will.

Codicil

A written amendment of a last will.

Conservator

A court-appointed person who manages the assets of someone who lacks the capacity to do so because of age or illness (mental or physical).

Consideration

Something of value provided by each party to a contract to make it legally binding.

Contingency

An event that might not occur.

Death Taxes

Taxes imposed because someone has died.

Decedent

The person who has died; can also be referred to as the deceased.

Deed

A written document used to transfer an interest in real property to another person.

Deed

A written document used to transfer an interest in real property to another person.

Devisee

A person who receives a gift of property under a last will.

Domicile

The place where a person has a permanent legal residence.

Donee

Someone who receives a gift of money or property.

Donor

Someone who makes a gift of money or property.

Durable Power of Attorney

A written document that authorizes someone else to manage your affairs even if you become incapacitated.

Estate

All of the assets you own and debts you owe at the time of your death.

Escheat

When the property of someone who dies goes to the state government because there are no heirs.

Estate Tax

A tax on the value of your estate at the time of your death.

Executor

The person you name in your last will to manage and distribute your estate after you die.

Fiduciary

A person who has a legal obligation to act in the best interests of another, such as a personal representative, guardian, conservator or trustee.

Grantor

Any person who creates a trust. This person can also be called a trustor or settlor.

Gross Estate

The monetary value of all your assets when you die, before the payment of any debts or distributions.

Guardian

A person legally appointed to take care of another person who is incapacitated by age or illness, etc..

Heirs

The persons who are entitled to receive any assets from the estate of a decedent.

Incidents of Ownership

Whatever rights you have as an owner to hold, use or transfer property.

Inherit

The act of receiving assets from the estate of a decedent.

Interest

Any legal right or claim to money or property.

Intestate

When a person dies without leaving a last will.

Irrevocable Trust

A permanent trust that cannot be altered or terminated by the Grantor.

Joint Tenancy

Two or more people sharing the ownership of one property, each of which has an undivided right in the whole. Joint tenants also typically have a right of survivorship, so that the last joint tenant to survive gets the whole property, and the heirs of deceased joint tenants get nothing.

Life Estate

The right of a person to use or derive a benefit (income) from property only during their lifetime. A life estate cannot be inherited.

Life Insurance Trust

A trust in which someone’s life insurance policy is the principal asset.

Lineal Descendant

Someone who is your direct descendant, such as a child, grandchild, great-grandchild, etc. The term excludes spouses of a child, grandchild, great-grandchild, etc.

Living Trust

A document by which you transfer property during your lifetime to a trustee to be held for the benefit of yourself and others. Assets transferred to a living trust avoid probate court because the trustee has taken possession of them before you die.

Living Will

A written document stating your wishes about life-prolonging procedures, including whether or not you want to be artificially supported in the event of a terminal illness, coma or accident.

Marital Deduction

Property transferred from one spouse to the other at the time of death is deducted from the gross estate for federal estate tax purposes.

Pay on Death (POD)

A specific amount, or account balance, to be paid to a named beneficiary in the event of someone’s death, typically with respect to a bank account.

Personal Property

Generally, moveable tangible property. That is, property which is not cash or investments (which are intangible property), and not real estate or fixtures (property attached to land, such as a building). Personal property includes livestock, machinery, vehicles, furniture, collections, artwork, jewelry, etc.

Power of Attorney

Generally, moveable tangible property. That is, property which is not cash or investments (which are intangible property), and not real estate or fixtures (property attached to land, such as a building). Personal property includes livestock, machinery, vehicles, furniture, collections, artwork, jewelry, etc.

Powers of Appointment

The right of someone named in a will or trust allowing them to decide how to distribute specific assets.

Probate

The legal process of a state court to establish the validity of a last will and to carry it into effect.

Revocable Trust

A trust that can be altered or revoked during your lifetime. However, once the grantor dies, the trust becomes irrevocable.

Sole Ownership

One person having all ownership rights to property.

Spouse

A wife or husband.

Succession Law

The state law which provides for the administration, settlement and distribution of your estate if you have no last will. See, intestate.

Tenants in Common

When two or more people share the ownership of one property, but those shares can be divided and separately inherited, in contrast to joint tenancy.

Testamentary

Something which comes into existence under a last will when the testator dies, such as a bequest or a trust.

Testamentary Trust

A trust created by a last will that does not come into existence until the Grantor dies. Distinguished from a living trust, which comes into existence before the Grantor dies.

Testator

The person who makes a will.

Trust

Generally, a document by which property is transferred to a trustee to be held for the benefit of named beneficiaries.

Trustee

The person who has legal control of a trust. Depending on the provisions of the trust document, a trustee may be the same as the grantor, one or more other individuals, or a financial institution (such as a bank).

Trustor

Any person who creates a trust; also called a settlor or grantor.

Will

A written document containing a person’s directions for the administration and distribution of their estate upon his or her death.

Witness

A person who attests to the validity of a signature and the circumstances under which a will, trust or power of attorney is signed.