A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related MoneyPedia terms
- WillA legal document that spells out who gets your property and who cares for your children after you die.
- ProbateThe court process that validates a will, pays debts, and distributes property after someone dies.
- Estate TaxA federal or state tax on the value of a large estate before assets pass to heirs.
- Beneficiary DesignationThe named person who inherits your retirement account, which overrides your will for that account when you pass away.
- ExecutorThe person named in a will to carry out its instructions, pay debts, and distribute the estate.
- Net WorthWhat you own minus what you owe — the clearest scorecard of your financial progress.
More in Estate Planning
Plain-English education — not personalized legal, tax, or investment advice.