Reference

A trust structure often used by married couples to maximize estate tax exemptions and provide for the surviving spouse.

Legal instructions regarding your healthcare preferences for future medical situations.

A legal document that specifies a person's preferences for medical treatment if they become unable to communicate their wishes.

A legal proceeding for property located in a different state from where the deceased lived.

A trust established to shield a person's assets from future lawsuits, creditors, or legal judgments.

A gift of personal property made through a will.

A trust that pays a set amount to a charity for a specific time, after which the remaining assets go to non-charitable heirs.

A trust that provides income to a person before donating the remainder to charity.

A legal addition or amendment to an existing will.

Assets acquired during marriage that are owned equally by both spouses.

A technique that allows gifts to a trust to qualify for the annual gift tax exclusion by giving beneficiaries a limited time to withdraw funds.

A person who has passed away.

The collection of a person's online accounts and digital files.

A formal refusal by a beneficiary to accept an inheritance or gift, allowing it to pass to the next person in line.

A long-term trust designed to pass wealth down through multiple generations while minimizing taxes and protecting assets.

A statutory right that allows a surviving spouse to claim a specific portion of their deceased spouse's estate, even if they were left out.

The transfer of unclaimed estate assets to the state when no heirs are found.

The process of arranging the management and disposal of a person's estate during their life and after death.

A person appointed to carry out the instructions in a will.

A person or institution legally obligated to act in the best interest of another party, such as an executor or manager.

A federal tax on assets passed to a beneficiary who is at least 37.5 years younger than the donor, such as a grandchild.

The person who establishes a trust and places assets into it.

Grantor Retained Annuity Trust is a legal arrangement where you transfer assets into a trust for a set time while keeping an income stream, which helps minimize taxes when passing wealth to heirs. It is essentially a way to move your investments to your children while locking in current tax values to avoid future gift tax hits.

A person legally appointed to care for a minor or incapacitated person.

A person legally authorized to make medical decisions on your behalf if you are incapacitated.

An individual chosen to make medical decisions on your behalf if you cannot.

A will that is entirely handwritten and signed by the person making it.

A state tax paid by someone who receives property from a deceased person.

The state of dying without a valid will, which leads to the distribution of assets according to state laws.

The state of dying without a valid will.

A trust that cannot be changed or closed after it is created.

A type of co-ownership where the surviving owner automatically inherits the deceased owner's share.

Joint Tenancy with Right of Survivorship: This is a way for two or more people to own an asset together, like a house or a bank account. If one person passes away, their share automatically goes to the remaining owner without needing a complex court process.

An informal document that provides survivors with specific information regarding the location of assets, funeral wishes, and other personal details.

A non-binding document that provides personal guidance on how to care for family members or manage specific personal items.

A court order granting an executor the power to manage an estate.

A court-issued document that grants an executor the legal authority to act on behalf of a deceased person's estate.

A legal arrangement where a person has the right to use and live on a property for the duration of their life.

A legal arrangement created during an individual's lifetime that holds assets for their benefit and dictates their distribution after death.

A tax provision allowing spouses to transfer unlimited assets to each other tax-free.

A person chosen to make healthcare decisions for you if you are unable to communicate your wishes due to illness or injury.

A method of distribution where each living beneficiary receives an equal share.

A method of distributing assets where a deceased beneficiary's share goes to their descendants.

Payable on Death is a simple designation you add to a bank account that names a beneficiary to get the money automatically when you pass away. It lets your loved ones bypass a long legal court process so they can access the funds quickly.

A legal provision that automatically transfers any remaining assets not already in a trust into that trust upon the person's death.

A will that transfers remaining assets into a trust upon the testator's death.

The legal process of proving a will is valid and settling an estate.

The specialized court system that oversees the validation of legal documents and the administration of estates.

A Qualified Terminable Interest Property trust is a legal arrangement that allows a person to provide income to their spouse after they pass away, while still controlling who eventually gets the remaining assets later. It is commonly used in estate planning to support a surviving spouse while ensuring that children from a previous marriage eventually inherit the property.

A trust designed to provide income for a surviving spouse while allowing the grantor to control the final distribution of assets.

The right to own and use a property after the person holding the life estate has passed away.

A trust that can be modified or dissolved by the creator during their lifetime.

The legal right of a surviving joint owner to take full ownership of property.

A document used to settle simple estates without a full probate process.

A trust created to support a person with disabilities without affecting government benefits.

A provision in a trust that prevents a beneficiary from selling their interest and protects it from their creditors.

A trust that limits a beneficiary's access to funds to protect assets from creditors.

Tenancy by the Entirety — A special form of joint ownership for married couples that protects the property from the creditors of just one spouse.

Co-ownership where each person owns a separate share that can be inherited by others.

The person who has written and signed a will.

Transfer on Death is a simple way to name a beneficiary for your bank or investment accounts, so that when you pass away, the money goes directly to that person without needing to go through a complicated court process.

A bank account with a designated beneficiary that automatically transfers the funds to that person when the account owner dies.

The individual or entity managing the assets within a trust.

Another term for a grantor, referring to the person who establishes and funds a trust.

A legal document specifying how your property is distributed after death.