ESTATE PLANNING GLOSSARY
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A
- Administration
The process during which the executor, personal representative, or administrator gathers... - Administrator
The individual or corporate fiduciary appointed by the probate court... - Advanced Directive
An Advanced Directive refers to the necessary documents ... - Annual exclusion
The value of assets that may be transferred by gift from... - Applicable exclusion amount
The value of assets that can be sheltered from federal estate and gift taxes... - Ascertainable standard
A standard—typically an individual’s health, support, maintenance or education... - Attorney-in-Fact
An individual or corporate fiduciary designated to handle the financial...
B
- Beneficiary
A person entitled to receive distributions of income and/or principal...
C
- Codicil
A formally executed document that modifies an individual’s existing last will... - Community Property
A form of property ownership whereby each spouse is considered... - Conservator
An individual or bank or trust company appointed by the probate court...
D
- Decedent
A deceased individual. - Descendant
A person who was born into or legally adopted into the direct line of an individual’s descent... - Disclaimer
An individual’s refusal to accept a gift or other distribution... - Durable Power of Attorney
A form of power of attorney that does not terminate...
E
- Estate Planning
The general process by which an individual strategizes for the distribution... - Estate Tax
A tax imposed on the transfer of property at an individual’s... - Estate Tax Exemption Amount
See Applicable Exclusion Amount. - Executor
An individual or corporate fiduciary named by a deceased individual...
F
- Family Trust
Generally, any trust established to benefit an individual's spouse... - Fiduciary
Any individual or entity required to act for the benefit...
G
- Gift Tax
A federal tax imposed on the transfer of property from one individual... - Grantor
Generally, any person who transfers property to another individual or... - Grantor Trust
A trust over which the grantor (the individual transferring property to the trust) retains... - Gross Estate
A federal estate tax concept that includes the total dollar... - Guardian
An individual or bank or trust company appointed by the probate court...
H
- Health Care Power of Attorney
A document that appoints an individual (an “agent”) to make health care decisions... - Heir
An individual entitled to a distribution of an asset or...
I
- Income
The earnings from principal, such as interest, rental payments, dividends... - Interest of a Beneficiary
The right to receive income or principal provided in the terms... - Intestacy
Occurs when an individual dies without a valid last will... - Inventory
A detailed list of a decedent’s assets that is filed... - Irrevocable Trust
A trust that cannot be terminated or revoked or otherwise modified...
J
- Joint Tenancy
An ownership arrangement in which two or more persons own property...
L
- Last Will and Testament
A writing specifying the beneficiaries and naming a representative... - Life Beneficiary
An individual who receives income or principal from a trust... - Life Estate
The interest in property owned by a life beneficiary with the legal right... - Living Trust
See Revocable Trust.
M
- Marital Deduction
An unlimited federal estate and gift tax deduction for property...
N
- No-Contest Clause
A clause in a last will and testament or trust which...
O
There are no glossary items.
P
- Per Stirpes
A method for distributing property where each branch of the named person’s... - Personal Representative
See Executor. - Pour Over Will
A pour over will is a last will and testament which transfers... - Power of Appointment
A power that gives an individual the right to transfer... - Power of Attorney
A power of attorney is a written document granting an individual... - Principal
Principal is the property (such as money, stock, or real estate) owned... - Probate
Probate is a court supervised process wherein the executor or... - Prudent Investor Act
A state law that sets the standard of fiduciary duty... - Prudent Man Rule
A fundamental legal maxim restricting the discretion of a trustee...
Q
- Qualified Personal Residence Trust
An irrevocable trust (referred to as a “QPRT”) established to hold title to a person’s home...
R
- Remainder Trust
A lingering interest in an estate or trust even though... - Residue
The property remaining in a decedent’s estate after payment of the estate’s debts... - Revocable Trust
A type of trust where the individual establishing the trust...
S
- Self-Dealing
The conduct of a fiduciary that consists of personally benefiting... - Settlor
See Grantor. - Spendthrift Provision
A provision in a trust or last will and testament that restricts...
T
- Tangible Personal Property
All property that can be touched and moved... - Tenancy by the Entirety
A joint tenancy arrangement between a husband and wife... - Tenancy in Common
A property ownership arrangement in which each owner is regarded... - Terms of a Trust
The terms of a trust are the manifestation of the grantor’s intent... - Testamentary
Relating to a will or other document effective at death. - Testator
A testator is a person who has written and executed... - Transfer on Death Designation
A beneficiary designation for property that allows for the automatic transfer... - Trust
An entity created to hold assets for the benefit of certain... - Trust Instrument
A document that creates a trust and sets out the terms under which... - Trustee
In its broadest sense, the term trustee can refer to any person...
U
- Uniform Transfers to Minors Act (UTMA)
Transfers to minors can pose significant challenges...
V
- Virtual Representation
Many modern trust laws include provisions to allow competent adults to speak...
W
- Will
See Last Will & Testament.