RESOURCES: GLOSSARY

ESTATE PLANNING TERMS

A - G | H - M | N - S | T - Z

Beneficiary: The person who receives part of a decedent's estate through a will, trust, life insurance or retirement proceeds.
Codicil: An amendment to your will.
Decedent: A person who has died.
Estate: The decedent's property.
Fiduciary: One who holds something in trust for another, such as a trustee.
Heir: A person who inherits property.
Intangible Personal Property: Property represented by an instrument, such as a stock certificate.
Intestacy: Having died without a will.
Issue: Offspring, such as children or grandchildren.
Joint Tenancy: Title to property held in two or more names, upon death of one owner, his or her interest automatically passes to the others.
Marital Property: Assets acquired during marriage.
Non-probate Property: Property not subject to probate, such as life insurance or retirement benefits. This type of property passes according to written beneficiary designations, and not via a will.
Personal Representative: The person or corporate representative appointed by a will or court to administer the decedent's estate through probate; commonly called the executor.
Power of Attorney: The legal right to act in another's behalf.
Probate: The court proceeding during which ownership of a decedent's property is transferred and taxes and bills are paid.
Probate Property: Property that is distributed via will, such as cars, jewelry, or other tangible items.
Tangible Property: Property that itself has value.
Tenancy-in-common: When title is held in two or more names, and when one person dies, his or her interest passes via will or statutory designation.
Testamentary Trust: Trust created by a will.
Trust: A form of property ownership where title is held by a trustee who has a duty to managed the trust for the benefit of beneficiaries.
Will: A legal statement directing the distribution of the decedent's property at death.