Estate Planning
Protecting the people you love.
Estate planning makes sure your wishes are followed and your family is protected when the worst happens. These terms cover wills, trusts, and the documents that keep a hard time from becoming harder.
All Estate Planning terms(33)
- AdministratorA person the court appoints to settle an estate when there is no valid will or named executor.
- Advance DirectiveA broad term for legal documents that record your medical wishes and name someone to carry them out.
- Asset Protection TrustAn irrevocable trust designed to shield assets from future creditors or lawsuits.
- BeneficiaryA person or entity you choose to receive assets from a will, trust, account, or insurance policy.
- CodicilA legal add-on that changes part of an existing will without rewriting the whole document.
- ConservatorshipA court arrangement giving someone authority to manage the affairs of an adult who cannot manage their own.
- Contingent BeneficiaryA backup recipient who inherits only if your first-choice beneficiary cannot or will not accept the assets.
- Do-Not-Resuscitate OrderA medical order telling providers not to perform CPR if your heart stops or you stop breathing.
- Durable Power of AttorneyA power of attorney that stays in effect even if you become incapacitated and unable to make decisions.
- EstateEverything you own at death, including money, property, and belongings, minus what you owe.
- Estate TaxA federal or state tax on the value of a large estate before assets pass to heirs.
- ExecutorThe person named in a will to carry out its instructions, pay debts, and distribute the estate.
- Gift TaxA federal tax that may apply when you give away money or property above the annual exclusion amount.
- GrantorThe person who creates a trust and places their assets into it, also called a settlor or trustor.
- GuardianAn adult named to care for your minor children or a dependent if you are unable to.
- Healthcare DirectiveA document stating your medical wishes and who should decide your care if you cannot speak for yourself.
- Healthcare ProxyThe person you appoint to make medical decisions for you when you are unable to make them yourself.
- HeirA person legally entitled to inherit from someone who dies, especially when there is no will.
- Inheritance TaxA state tax that some heirs pay on the value of property they receive from someone who died.
- IntestateDying without a valid will, so state law decides who inherits your property.
- Irrevocable TrustA trust that usually cannot be changed once created, often used to reduce taxes or protect assets.
- Letters TestamentaryA court document that gives an executor the legal authority to act on behalf of an estate.
- Living TrustA legal arrangement you create while alive to hold your assets, letting them pass to heirs without going through probate.
- Living WillA written statement of the medical treatments you do or do not want if you are terminally ill or unconscious.
- Payable-on-Death AccountA bank account with a named recipient who receives the balance directly when you die, skipping probate.
- Power of AttorneyA document that lets someone you name make financial or legal decisions on your behalf if you cannot.
- ProbateThe court process that validates a will, pays debts, and distributes property after someone dies.
- Revocable TrustA trust you can change or cancel at any time while you are alive and mentally able.
- Step-Up in BasisA tax rule that resets an inherited asset's value to its worth at the owner's death, reducing capital gains.
- TestatorThe person who makes a will and whose wishes it records for distributing their property after death.
- Transfer-on-Death (TOD)A designation that passes an asset like a brokerage account or vehicle straight to a named person at death, skipping probate.
- TrusteeThe person or institution responsible for managing a trust's assets and following its instructions.
- WillA legal document that spells out who gets your property and who cares for your children after you die.