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
- EstateEverything you own at death, including money, property, and belongings, minus what you owe.
- ProbateThe court process that validates a will, pays debts, and distributes property after someone dies.
- ExecutorThe person named in a will to carry out its instructions, pay debts, and distribute the estate.
- GuardianAn adult named to care for your minor children or a dependent if you are unable to.
- TestatorThe person who makes a will and whose wishes it records for distributing their property after death.
- IntestateDying without a valid will, so state law decides who inherits your property.
- Living TrustA legal arrangement you create while alive to hold your assets, letting them pass to heirs without going through probate.
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Plain-English education — not personalized legal, tax, or investment advice.