Wills, Trusts and Probate Glossary

 

Administrator-a court appointed person or corporation in charge of managing the estate of a person who died without a will.

 

Appraisal-documentation showing the fair market value of property.

 

Attorney in fact-a person with the power granted under a power of attorney.

 

Beneficiary-the recipient of proceeds from a life insurance policy or a will.

 

Bequest-fancy word for any gift of property made by a valid will.

 

Capacity-meaning a legal adult because of sound mind and no outside influence having the ability to execute a will.

 

Codicil-an amendment to the original will that changes the provisions of the original will.

 

Common law marriages-treated different by some states, where a man and a woman live together appearing to be legally married.

 

Community property-where one spouse has a one half interest in the subject property, regardless of that spouse's financial participation.

 

Contest-question the validity of a will.

 

Contingent Beneficiary-a person who is not the primary beneficiary but would take the place of the primary if certain provisions took place.

 

Curtesy-widower's right to a share of his deceased wife's estate.

 

Dependent-a person who for various reasons must rely on another for support and supervision.

 

Devise-a gift of real estate made by a will.

 

Dower-widow's right to a share of her deceased husband's estate.

 

Durable power of attorney-withstands the incapacity or the incompetence of the testator.

 

Escheat-when there are no surviving beneficiaries or heirs, the state takes over the estate property.

 

Elective share-right of the surviving spouse to receive dower or curtesy rights.

 

Estate-all assets and liabilities left by a person who has died.

 

Estate tax-federal and state taxes on property transferred upon death.

 

Execute-to complete and sign creating a valid document.

 

Executor/Executrix-male or female respectively, who is named by the person making the will to administer the estate.

 

Guardian-a person who has the legal responsibility for care of a minor child or adult who is incompetent.

 

Heir/Heiress-male or female respectively, a person who may inherit or who may receive property through a family succession without a will.

 

Intestate-without a will.

 

Irrevocable-can't be changed or revoked.

 

Joint Property-property owned jointly with another person or persons.

 

Liabilities-what is owed to others, all debts and mortgages.

 

Life insurance trust-a trust funded from the monies provided from life insurance.

 

Liquid assets-cash, coin and anything that can be quickly and easily converted to cash.

 

Living trust-a trust established during the life of the trustee.

 

Living will-a document for grave times of terminal illness or unconsciousness which has the signed and witnessed wishes of the testator that his or her life should not be prolonged by artificial means.

 

Notary-a person with a state commission to attest to the validity of the signatures ondocuments.

 

Personal property-all property other than real property which is real estate.

 

Personal representative-a state resident who receives legal notices on behalf of a nonresident person.

 

Power of attorney-a written document authorizing someone to act on your behalf.

 

Prenuptual agreement-an agreement specifying ownership rights of assets prior to marriage.

 

Probate-court process of proving the validity of a will.

 

Real property-all real estate.

 

Residue-what is left in an estate after all bequests have been made.

 

Revocable-capable of being changed or revoked.

 

Right of survivorship-bypassing probate, this right of a joint property owner provides that in the event of death, the surviving joint owner receives ownership in full.

 

Separate property-property that is not community property.

 

Testament-a will, a document that deals with the disposition of one's property upon death.

 

Testator-a person who makes a valid will.

 

Trust-an arrangement where a person known as a trustee holds and manages property of another person known as the trust beneficiary.

 

Will-a testament, a document that deals with the disposition of one's property upon death.

 

Witness-as pertains to a will, a person who is present at the time the other witnesses, notary and testator are all also present in his or her company and with proof of identification signs the will and watches all the others sign at the same time.