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Advance Directive

By |May 25th, 2009|Glossary of Terms|0 Comments

A legal documents that conveys your wishes about end of life care, including artificial life support, feeding and breathing tubes, and other extraordinary measures. This is also called a living will. An advance directive is different than a medical power of attorney because the advanced directive gives actual directions to the medical […]

Will

By |May 25th, 2009|Glossary of Terms|0 Comments

A written document which disposes of a person’s estate. It does this by making specific gifts, creating trusts, and dividing the remainder, which is anything not specifically disposed of. It often gives other instructions, such as guardianship of minor children, the identity of the personal representative, and funeral and burial instructions.

Trust

By |May 25th, 2009|Glossary of Terms|0 Comments

An entity that is created to hold and manage property for the benefit of other entities or people. The property in the trust is managed by a trustee.

Testamentary Trust

By |May 25th, 2009|Glossary of Terms|0 Comments

A trust created by a will.

Testacy

By |May 25th, 2009|Glossary of Terms|0 Comments

A probate proceeding governed by the decedent’s will.

Surviving Spouse

By |May 25th, 2009|Glossary of Terms|0 Comments

if the decedent’s spouse survives him or her, they are referred to as the “surviving spouse.” The surviving spouse may be entitled to special protection in the probate process.

Probate

By |May 25th, 2009|Glossary of Terms|0 Comments

The process of proving a will is valid and administering the property that is subject to that will.

Personal Representative

By |May 25th, 2009|Glossary of Terms|0 Comments

an individual, designated by either the decedent’s will or the court, tasked with administering the decedent’s estate, including inventorying the estate and distributing it to the beneficiaries.

Non-probate transfers

By |May 25th, 2009|Glossary of Terms|0 Comments

Transfers that happen on the decedent’s death, but are not governed by the decedent’s will. Examples include property held in joint tenancy with right of survivorship, life estate policies and IRA’s payable to a beneficiary, and bank and brokerage accounts with “Transfer on Death” or “Payable on Death” forms on file.

Intestacy

By |May 25th, 2009|Glossary of Terms|0 Comments

A probate proceeding not governed by a decedent’s will. This occurs when the decedent did not leave a will, or the will was declared invalid. In this case, the laws of the state in which the decedent was domiciled dictate the succession of the decedent’s property.