Probate and Estate Planning Glossary: Terms To Know Pt. 2
10 more terms to know when discussing or researching Estate Planning or Probate Administration:
Intestate: Dying without a valid will or leaving a will that does not dispose of all of the decedent's property.
Testator: A person who makes a will.
Codicil: A legal document that amends, modifies, or revokes an existing will.
Bequest: A gift of personal property by will.
Devise: A gift of real property by will.
Inheritance: The acquisition of property by descent or will.
Estate tax: A tax imposed on the transfer of property at death.
Gift tax: A tax imposed on the transfer of property during a person's lifetime.
Generation-skipping transfer tax: A tax imposed on transfers of property to persons who are two or more generations younger than the transferor.
Per stirpes: A method of distributing an estate in which each branch of the family receives an equal share, with the share of any predeceased member going to his or her heirs by representation.
