Plain-English definitions for every estate planning term you'll encounter. No legalese, no confusion.
A person or entity designated to receive assets from a will, trust, insurance policy, or retirement account.
A legal document that modifies or amends an existing will without replacing it entirely.
A person who has died. The decedent's estate is the property they owned at the time of death.
A legal document authorizing someone to act on your behalf in financial matters, remaining effective even if you become incapacitated.
All property, assets, and liabilities owned by a person at the time of their death.
The person named in a will to administer the estate, pay debts, and distribute assets to beneficiaries.
A person or entity with a legal obligation to act in the best interests of another party.
The person who creates and funds a trust. Also called a settlor or trustor.
A person appointed by a court or named in a will to care for a minor child or incapacitated adult.
A person authorized to make medical decisions on your behalf if you are unable to do so.
Dying without a valid will. State law determines how intestate estates are distributed.
A trust that cannot be modified or revoked after it is created, offering stronger asset protection than a revocable trust.
A form of property ownership where two or more people own equal shares. When one owner dies, their share passes automatically to the surviving owner(s).
A court document authorizing an executor to act on behalf of a deceased person's estate.
A legal document specifying your wishes for end-of-life medical care if you are unable to communicate them.
A joint federal-state program providing health coverage for low-income individuals, including long-term care for the elderly.
A distribution method where a deceased beneficiary's share passes to their descendants.
The court-supervised process of validating a will, paying debts, and distributing a deceased person's estate.
A trust created during your lifetime that can be modified or revoked. Assets in the trust avoid probate.
The person or institution that takes over management of a trust when the original trustee dies or becomes incapacitated.
A form of co-ownership where each owner holds a separate, transferable share of the property.
A trust created by the terms of a will, taking effect only upon the death of the will's creator.
The person or institution responsible for managing trust assets according to the trust document.
A legal document specifying how a person's assets should be distributed after death. Must go through probate.