Estate Planning & Probate
"If the instructions are not clear, or the explanation not trusted, it is the general’s fault. If the instructions were clearly given
and explained, it is the fault of the officer." Sun -Tzu
Vocabulary
was a matter of life and death to the Chinese soldier; if an officer
failed to obey orders, was decapitated. Your legal vocabulary is
equally important for proper estate planning and probating an estate.
Study
the words shown here to facilitate communication between heirs, beneficiaires,
judges and the courts. Your legal vocabulary will give you a tactical
advantage.
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |
A
AB Trust - A trust designed to make sure the personal estate tax exemption
of each spouse (currently $1.5 million) is used to the fullest extent possible,
while allowing the surviving spouse to have use of the assets of the deceased
spouse during the remainder of the surviving spouse's lifetime.
Administrator - A court-appointed person
who manages the estate of a deceased person who has died without a will.
Attorney-in-Fact - An individual designated
in a power of attorney to act as the agent of the person who executed the document.
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |
B
Basic Will - A will that distributes everything to your spouse, if living,
otherwise to your children when they reach the age of majority (18 years old).
Beneficiary - A person who receives
funds, property, or other benefits from a will, contract, or insurance policy.
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |
D
Durable Power of Attorney for Health Care -
A written document in which an individual designates another person to make
health care and health-related decisions in the event that the individual becomes
incapacitated.
Durable Power of Attorney for Property -
A written document in which an individual designates another person to make
his or her property and property-related decisions in the event that the individual
becomes incapacitated and is unable to do so.
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |
E
Estate - An individual's property and
assets -- including real estate, bank accounts, life insurance policies, stocks,
and personal property such as automobiles and jewelry.
Estate Tax - A tax that is imposed
at a person's death, on the transfers of some types of property from their
estate to heirs and beneficiaries.
Executor - A person named in a will
who is authorized to manage the estate of the deceased person. The executor
will collect the property, pay off any debts, and distribute property and assets
according to the terms of the will.
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |
F
Fiduciary - A person or institution that is legally responsible for
the management, investment, and distribution of funds; i.e. the trustee identified
in a trust.
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |
G
Grantor - A person who transfers assets to another, usually into a trust.
Guardian - An individual with the legal
authority to care for another, usually a minor child.
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |
H
Heirs - heir - A person who will legally receive money, property or
a title from another person when that other person dies.
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |
I
Incapacity - A person's inability to act on his or her own behalf, i.e.
the "sound mind" requirement for drafting a valid will. A court makes
a finding of incapacity.
Inter vivos trust - A trust that is
created during a person's lifetime, which holds property for the benefit of
another.
Intestate - A term used when a person
dies without a will.
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |
J
Joint Tenancy With Right of Survivorship - A title that is often placed
on co-owned property. At the death of one owner, the other owner will be legally
entitled to sole possession of the property, regardless of what provisions
are made in a will. A husband and wife often use this form of ownership.
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |
L
Living Trust - A revocable trust established during a grantor's lifetime
that is used for the placement of some or all of the grantor's property. In
a situation involving a married couple, a basic living trust does not effectively
use the personal estate tax exemption of either spouse (the amount of a deceased
person's estate that may pass to his or her heirs without estate taxes, currently
$1.5 million). Because of this deficiency of a basic living trust, an AB Trust
(discussed above) is often recommended instead to married couples with substantial
assets.
Living Will - A binding legal document
that sets forth a person's wishes regarding the use of life-sustaining treatment
in the event that he or she becomes terminally ill or permanently unconscious.
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |
M
Marital Deduction - A federal tax deduction that allows one spouse to
pass his or her estate to the other spouse without having to pay estate or
gift taxes.
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |
N
No Will - A decedent dies without a valid will, so that his or her estate
passes to heirs based on the laws of descent and distribution of his or her
state.
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |
P
Pour-Over Will - A will that distributes
everything to a trust.
Power of Appointment - A legal right
given to a person in order to allow him or her to decide how to distribute
a deceased person's property. A "general" power of appointment places no restrictions on the named person, while a "limited" or "special" power
of appointment places restrictions on who may receive distributions.
Power of Attorney - A written document
that gives one person the legal authority to act on behalf of another person.
Probate - A process whereby a court
reviews a will to make sure that it is authentic, and allows others to make
legal challenges to the will.
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |
Q
QTIP Trust - A trust designed to permit a spouse to transfer assets
to his/her trust while still maintaining control over the ultimate disposition
of those assets at the spouse's death. QTIP Trusts are particularly popular
in situations where a person is married for a second time but has children
from a first marriage for whom he/she wants to reserve assets.
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |
S
State Death or Inheritance Taxes - Taxes that may be imposed by the
state where a deceased person lived, or where his or her property is located
after death.
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |
T
Trust - A written document providing that property be held by one (the "trustee") for the benefit of another (the "beneficiary").
A trust may be created during the grantor's lifetime or after his or her death.
Trustee - A person named in a trust
document who will manage property owned by the trust, and distribute the trust
income or property according to the terms of the trust document. A trustee
may be an individual or a business.
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |
W
Will - A document that directs how property shall be distributed upon
a deceased persons death.
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |
If you don't find the legal term you seek... this is THE source... Look
It Up!
|
Equal
Access
is not a law firm, nor does it provide legal
advice. Suitable legal counsel can be arranged if desired.
