AGENT/
ATTORNEY

 

one authorized by another to act for him as in a Power of Attorney

BENEFICIARY

A person designated to receive proceeds or benefits of a Will, Trust, Estate or Life Insurance policy

CHARITABLE GIVING

Gift-giving to an organization that provides religious, educational, political, or general social interests to mankind

ESTATE

 

The entire property of whatever kind that is owned by a deceased person prior to the distribution of that property in accordance with the terms of a Will; or when there is no Will, by the law of inheritance in his state of domicile

FIDUCIARY

One who assumes the duty to act for the benefit of another

GUARDIAN

One lawfully given the power, and charged with the duty of taking care of the person and managing the property and rights of another

HEIR

A lineal descendant

one who has died without making a Will, or without leaving anything to testify what his wishes were with respect to the disposal of his property after his death

INTESTATE

The inability of an individual to manage his or her property or financial affairs effectively because of physical or mental disability, disease, habitual drunkenness, addiction to drugs, imprisonment, compulsory hospitalization, confinement, detention by a foreign power, or disappearance.

 

INCAPACITY

ISSUE

All persons who have descended from a common ancestor

LEGATEE

A person to whom a legacy in a Will is given

LIVING WILL

A document that governs the withholding or withdrawal of life-sustaining treatment from an individual in the event of incapacity

PERSONAL REPRESENTATIVE/EXECUTOR

One appointed by a testator to carry out the directions and requests in his Will

POWER OF ATTORNEY

A document that authorizes another person to act as one’s agent or attorney in either financial or medical matters

PROBATE

 

The process of proving before a judicial authority that a Will is valid or invalid, and all matters and proceedings for administration of an estate

SETTLOR

One who creates a Trust

TESTATOR

One who has made a Testament or Will

TRUST

A right of property held by one person for the benefit of another; the document that records that right

TRUSTEE

One holding property in Trust

WILL

A document or record created by which a person plans for the distribution of his property after his death