Probate and Estate Planning Glossary: Terms To Know Pt. 1
10 terms to know when discussing or researching Estate Planning or Probate Administration:
Estate: All property, real and personal, owned by an individual at the time of his or her death.
Probate: The legal process of administering the estate of a deceased person, resolving all claims and distributing the deceased person's property under a valid will.
Will: A legally binding declaration of a person's intentions regarding the disposition of his or her property after death.
Trust: A legal relationship in which property is held by one party for the benefit of another.
Beneficiary: One who is entitled to the benefit of a trust, will, insurance policy, or other contract.
Executor: The person named in a will who is responsible for carrying out the provisions of the will.
Administrator: A person appointed by a court to administer the estate of a deceased person who died without a will.
Power of attorney: A legal document that grants one person the authority to act on behalf of another person for certain purposes.
Living will: A legal document that specifies an individual's wishes regarding medical treatment in the event that he or she becomes incapacitated and is unable to communicate those wishes.
Health care proxy: A person appointed to make health care decisions on behalf of an individual who is unable to make such decisions for him or herself.
