Written by Tana Fye and Sheri Crosier
Estate Planning can be an overwhelming process, especially when terms are thrown around that you may not know the meaning to. We have compiled a list of some of the commonly used terms in estate planning and probate, in the hopes that it makes the process easier on you.
- Attorney-in-Fact- The person named as your power of attorney to handle your affairs.
- Beneficiary- A person (or persons) who will receive the benefit of your estate or trust.
- Codicil- A document that amends the terms of a will so that a complete rewriting is not necessary.
- Decedent- An individual who has died.
- Executor- A person appointed to carry out the terms of a will and to administer the estate. May also be referred to as the Personal Representative.
- Fiduciary- An individual designated to manage the money or property for beneficiaries. This includes Executors.
- Guardian- An individual appointed by the court to act for a minor or incapacitated person in your care.
- Grantor- A person who creates, or contributes property to a trust.
- Health Care Power of Attorney- A document that appoints an individual to make health care decisions for you.
- Inventory- A list of the assets of a decedent that is filed with the court.
- No-Contest Clause- A provision in a will that states if someone sues to receive more from the estate, he or she will lose any inheritance rights held.
- Personal Representative- A person appointed to carry out the terms of a will and to administer the estate. May also be referred to as the Executor.
- Power of Attorney- Authorization, by a written document, that a named individual may act in your place with respect to some or all legal matters.
- Probate- The court supervised process of proving the validity of the will and distributing property under the terms of the will.
- Revocable Trust- A trust created during a lifetime, over which the Grantor reserves the right to amend, terminate, or revoke.
- Trust- An arrangement where property is legally owned and managed by a fiduciary.
- Trustee- The individual designated to hold and administer trust property. Generally referred to as a fiduciary.
- Will- A writing specifying the beneficiaries who are to inherit the testator’s assets and naming a representative to administer and distribute the estate.
If there are terms that come up in your Estate Planning process that are not listed here, feel free to contact the attorney handling your Estate Planning and ask for clarification.