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Estate Planning Glossary |
The individual assigned to act in the place of an executor for a deceased individual lacking a will.
Also known as a living will, personal directive, advance directive, medical directive, or advanced healthcare directive, an advance decision is a legal document specifying how medical treatment should be administered in the event that someone can’t make a decision.
Also known as a living will, personal directive, advance directive, medical directive, or advance decision, an advanced healthcare directive is a legal document specifying how medical treatment should be administered in the event that someone can’t make a decision.
A valuable item.
An individual authorized to make business decisions on behalf of another.
An individual, organization, or entity that receives assets from an estate, trust, retirement account, life insurance policy, or account with a transfer on death (TOD) designation.
Assigning ownership of an asset to a person, organization, or charity through a will.
A document describing what affected parties can and can’t do when a partner dies or leaves a business. Also called a “buy-sell agreement.”
The current value of an asset or group of assets.
A smart contract that controls how assets may be distributed once proof-of-death is generated.
A legal document used to transfer ownership of an interest in property or land.
Durable power-of-attorney gives an individual the authority to make decisions on behalf of another person and stays in effect if the individual becomes incapacitated.
Refers to both the assets, and the total value of the assets minus any loans, debts, or liabilities, left by an individual upon their death.
The process of arranging the management and distribution of an individual’s assets during their life and after death, typically with the goal of minimizing tax liability.
A tax on the right to transfer property at death, typically only affecting a small number of individuals whose wealth exceeds the legal exclusion limit.
An individual, organization, or entity appointed in a will to administer an estate.
A legal document enabling family members to inherit assets while avoiding probate and avoiding or delaying taxes.
An agreement to pay the costs associated with services like viewings, burial, or cremation in advance.
A document outlining an individual’s wishes with regard to medical treatment and enabling the individual to appoint someone to make decisions on their behalf.
An individual, organization, or entity eligible to receive assets from an estate, trust, retirement account, life insurance policy, or account with a transfer on death (TOD) designation.
Assets from an estate, trust, retirement account, life insurance policy, or account with a transfer on death (TOD) designation.
A levy paid by an individual who inherits assets. Often confused with an estate tax, which is paid by the estate of the deceased.
Describes an asset that can’t easily be sold or exchanged for another asset.
The assets distributed to beneficiaries after a person dies.
Debts that must be paid by an individual’s estate before assets can be dispersed.
Describes an asset that can easily be sold or exchanged for another asset.
Also known as an advanced healthcare directive, personal directive, advance directive, medical directive, or advance decision, a living will is a legal document specifying how medical treatment should be administered in the event that someone can’t make a decision.
Also known as a living will, personal directive, advance directive, or advance decision, a medical directive is a legal document specifying how medical treatment should be administered in the event that someone can’t make a decision.
The person closest to a deceased individual, typically a spouse, the closest blood relative, or the beneficiary of the individual’s estate.
A news article detailing the life and legacy of a deceased individual.
A financial account with a designated beneficiary who receives ownership of the assets if the owner dies.
Distributing the assets of an estate such that each child receives the same proportion of assets.
Distributing the assets of an estate such that each branch of a family, however defined, receives the same proportion of the assets.
The authority to make decisions on behalf of another person. POA ends when the person granting it revokes it, becomes incapacitated, or dies. Durable POA ends when the person granting it revokes it or dies.
A tax-exempt organization that enables ongoing charitable giving.
The legal process of settling an estate. The process involves establishing the validity of the will, collecting and accounting for the deceased’s assets, paying debts and taxes, and distributing the remaining assets.
A list of assets and liabilities relating to the deceased’s estate.
The legal office, often located in a courthouse, where an executor may apply to administer a deceased individual’s estate.
A trust that enables assets to be distributed to beneficiaries without the delay or expense of probate but may be changed or terminated prior to death. Also referred to as a living trust.
A notification required by law, typically within a specified period of time.
Also known as a buyout agreement, a succession plan is a legal document outlining what happens when a partner leaves a business or dies.
A legal arrangement enabling one person or entity to hold assets on behalf of another.
The person or organization responsible for managing a trust.
A legal document describing how a person wants their assets to be distributed after death.