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| abatement | The process of determining the order in which gifts made in a will are applied to pay the debts, taxes, and expenses of the estate.
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| AB trust | See credit shelter trust.
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| ademption | A testator's intentional act to revoke a gift under a will or by delivering the gift to the donee prior to the testator's death.
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| administrator | A male personal representative appointed by the court to administer the estate when there is no will.
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| administratrix | A female personal representative appointed by the court to administer the estate when there is no will
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| adopted child | The person adopted through the legal process of establishing a relationship of parent and child when the status does not already exist. Many states treat the adopted child as the natural child of the adopted parent, rather than the child's former natural parents, for purposes of inheritance.
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| advance directives | A term used to describe a variety of legal documents that allow people to express their desires about end-of-life care ahead of time, including a living will, durable power of attorney, and health care proxy.
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| advance funeral arrangements | Funeral arrangements made prior to death.
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| advancement | A gift made to an heir with the intent of reducing or eliminating that heir's right to inherit from the person's estate.
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| affinity | Relationship by marriage
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| after-born child | A child born after the decedent's death. [Also called posthumous heir (child)(issue).]
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| agent | A person who acts on behalf of another.
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| alternate valuation method | A method that allows the use of the fair market value of the property not at the time of the decedent's death but at its value six months after his or her death.
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| ambulatory | Subject to change or revocation.
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| anatomical gift | A gift of a person's tissue and/or bodily parts upon death.
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| ancillary administration | Additional administration that takes place in a state other than the decedent's domicile state because he or she owned property there.
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| annual exclusion | The amount a donor can give per person without subjecting the transfer to gift tax.
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| annuity | An investment that pays a specified amount of principal and interest for a period of time, which is often the remainder of the investor's life.
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| anti-lapse statute | A statute that prevents the lapse of a bequest in a will if the person receiving the bequest dies before the testator by allowing the heirs of the beneficiary to receive the bequest.
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| appointee | A person who benefits from a power of appointment.
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| appointment of fiduciaries clause | A clause in a will in which the testator nominates one or more fiduciaries to carry out his or her desires as expressed in the will.
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| attest | To acknowledge in writing that a person has witnessed the signing of a document.
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| beneficiary | The person named in a will to receive the testator's assets.
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| bequest | A gift made in a will. Traditionally referred to a gift of personal property in a will.
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| blended family | A family made up of one or more parents having been previously married and having children of that previous marriage. Sometimes referred to as a stepfamily.
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| bypass trust | See credit shelter trust.
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| charitable remainder trust | An inter vivos trust in which the settlor names himself or herself as the income beneficiary during his or her lifetime, with the trust's assets going to the named charity beneficiary upon the settlor's death.
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| charitable trust | A trust created to benefit a specific charity that promotes educational, scientific, or other charitable purposes.
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| checklist | A tool used in law offices to ensure that adequate information is obtained from the client to properly complete the assigned task.
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| codicil | A provision that amends or modifies an existing will.
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| collateral heir | An heir who is related to the deceased but is not a direct descendant or an ancestor of the deceased, such as a brother, sister, aunt, or uncle.
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| community property | All property acquired during marriage in a community property state, owned in equal shares.
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| consanguinity | A blood relationship.
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| consideration | The basis of the bargained for exchange between the parties to a contract that is of legal value.
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| constructive trust | A trust imposed by a court on equitable grounds against a person who has wrongfully obtained property of another.
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| credit shelter trust | A trust created by married couples to reduce or eliminate estate taxes. (Also called an AB trust, a bypass trust, or a family trust.)
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| curtsey | The legal provision granting a husband a portion of a deceased wife's property. Many states have replaced curtsey with the statutory right to an elective share.
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| cy press doctrine | In wills and trust law, this doctrine allows a court to substitute a similar charity to benefit from a gift made in a will or trust if it is no longer possible to give it to the charity designated by the testator/settler.
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| death certificate | A document issued by a state or governmental agency that gives details of a person's death, such as the time, date, and cause of death.
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| decedent | The deceased.
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| declaration of trust | A written document creating a trust in which the settlor is also the trustee.
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| deduction | The amount that can be deducted.
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| degree of kindred | The relationship of surviving blood relatives to a deceased who dies without a will.
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| demonstrative legacy | A gift made in a will of a specific amount of money to be paid from an identified fund or from the sale of an identified item.
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| descent | The passage of real property by intestate succession.
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| designation of health care surrogate (proxy) | A form that allows a person to designate who will be able to make certain health care decisions in the event that he or she is incapacitated and unable to make the decisions.
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| devise | A disposition of real property by will.
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| discount rate | The value of a note based on what someone would pay for it, even though it is not yet due.
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| disinheritance clause | A clause in a will used to expressly disinherit an heir not provided for in a will.
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| disinterested witness | A person who has no interest in the document that he or she is attesting to.
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| dispositive provisions | Clauses in a will in which the testator disposes of his or her property.
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| domicile | The place where a person maintains a physical residence with the intent to permanently remain in that place; citizenship; the permanent home of the party.
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| donee | A recipient of a gift or power of appointment.
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| donor | The person who makes a gift, creates a power of appointment, or establishes a trust.
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| do not resuscitate order | A document that expresses a person's desire not to have CPR performed if the person's heart stops beating or the person stops breathing. (Also called a nonresuscitation order.)
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| dower | The legal provision granting a wife a portion of a deceased husband's property. Many states have replaced dower with the statutory right to an elective share.
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| durable power of attorney | A power of attorney that allows the agent to exercise the powers granted under the power of attorney despite the principal's incapacitation.
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| duress | Unreasonable and unscrupulous manipulation of a person to force him or her to agree to terms of an agreement that he or she would otherwise not agree to.
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| elective share | The statutory right of the surviving spouse to elect to take a share of the deceased spouse's estate rather than taking what was provided for by the deceased spouse's will. (Also called forced share.)
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| element | An essential part.
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| employer tax identification number | An identification number issued by the IRS to individual estates and trusts.
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| equitable title | A title that shows a beneficial interest in property.
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| escheat | To pass property to the state, as is done with the assets of a person who dies without a will and without heirs.
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| estate | Assets and liabilities of the decedent at the time of his or her death.
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| estate tax | A tax imposed on the transfer of a decedent's property to his or her heirs.
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| execution | Validation of a will.
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| executor | A male administrator of the estate.
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| executrix | A female administrator of the estate.
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| exordium clause | A clause in a will which identifies the testator, states his or her domicile, and announces that the document is the testator's will.
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| express trust | A trust expressly created by the settlor.
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| family allowance | A statutory provision for care of family members prior to payment of debts and regardless of what was provided for in the deceased's will.
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| fee simple | The most complete form of ownership of real property allowed by law.
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| fiduciary | A person who holds a position of trust and who owes a duty of utmost good faith.
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| fiduciary duty | The highest duty of care imposed by law.
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| fixtures | Personal property that has become permanently attached or associated with the real property.
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| forced share | See elective share.
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| formal probate | Probate under the supervision of a judge. (Also referred to as probate in solemn form.)
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| funeral direction clause | A clause in a will where the testator expresses his or her desires as to his or her funeral.
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| general legacy | A gift of money from the general assets of the estate
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| general power of appointment | A power of appointment that gives the holder of the power the right to determine who will receive the benefits of the decedent's estate.
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| gift | A voluntary transfer of property without receiving consideration.
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| gift tax | A tax imposed when a person gives money or other assets without receiving adequate consideration.
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| goodwill | A business's reputation, its good business name, the marketability of its products.
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| gross estate | The total value of property owned by the decedent at the time of his or her death. The fair market value of these items is used to determine the dollar value of the gross estate.
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| guardian | A person who has legal authority and duty to care for another.
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| half-blood | The relationship between two people who share one common parent, but not both.
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| health care proxy | A document that expresses the maker's desires as to medical care in the event that he or she is unable to do so. (Also referred to as a health care surrogate or durable medical power of attorney.)
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| heir | A person entitled to receive property based on intestate succession.
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| heirs at law | Heirs that would inherit if the decedent had died intestate.
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| holographic will | A will entirely written and signed by the testator in that person's own handwriting.
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| homeowners association | An organization made up of home owners in a particular development that has the following primary duties: enforcing the association's rules and regulations and maintaining the community's common property and facilities for use by all homeowners in the development.
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| homestead allowance | A statutory allowance of cash award to the surviving spouse and children.
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| homestead exemption | A law that allows the head of household to keep the family home even against claims of creditors.
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| implied trust | A trust created by operation of law.
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| incidents of ownership | An insured's right to exercise control over a life insurance policy, such as the right to change beneficiaries and to enjoy the economic benefits of the insurance policy.
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| incorporation by reference clause | A clause in a will that makes reference to certain documents that are in existence at the time the will is located with the intention of making those documents part of the will.
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| informal probate | A simplified probate procedure used for smaller estates.
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| insured | A person whose life, property, health, or other interests are protected by an insurance policy.
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| intangible personal property | Personal property that has no physical presence but is represented by a certificate or some other instrument, such as stocks or trademarks.
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| inter vivos trust | See living trust.
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| intestate | The state of having died without a will.
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| intestate succession | The passage of a decedent's estate as provided by state laws when the decedent dies without a valid will.
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| inventory | A list of assets of an estate.
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| irrevocable living trust | A trust created during the settlor's lifetime and one in which the settlor did not reserve the right to terminate the trust and recover the trust property.
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| IRS Form 56 | The form used to notify the IRS of the commencement of a fiduciary relationship.
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| IRS Form 706 | The federal estate and generation-skipping tax return.
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| IRS Form 1040 | The federal income tax return form.
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| IRS Form 1041 | The form used to report annual income of an estate.
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| IRS Form SS-4 | The form used to apply for a federal employer identification number.
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| issue | Lineal descendants of any degree, including children and grandchildren.
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| joint tenants with right of survivorship (JTWROS) | A form of tenancy that requires four unities: possession, interest, title, and time.
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| joint will | A single document intended to be the will for both spouses and which is signed by both parties.
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| jurisdiction | The power of the court to hear and rule on a case.
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| kindred | Those related by blood to the decedent.
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| lapse | The failure of a gift made in a will because the beneficiary predeceases the testator.
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| last will and testament | The phrase traditionally used as the written declaration of intended distribution of both real and personal property upon the person's death.
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| legacy | A gift made in a will. Traditionally referred to a gift of money made under a will.
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| legalese | A complicated writing style used in legal documents that relies on the use of legal terms that are difficult to understand for those who are not in the legal field.
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| legal title | A title that indicates legal ownership but not necessarily a beneficial interest.
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| letter of instruction | A document that sets out information that will be useful to the deceased's survivors, personal representative, and/or attorney.
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| letters of administration | A document used to appoint a personal representative in an intestate estate.
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| letters testamentary | A document used to appoint a personal representative in a testate estate.
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| life estate | An ownership interest in property for a designated period of time, based on the life of another person.
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| life insurance trust | An irrevocable living trust that is established during the settlor's lifetime, but which receives most of its funding from a life insurance policy payable upon the settlor's death.
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| lineal ascendants | Persons who are related in an ascending line—grandparents, great-grandparents, etc.
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| lineal descendants | Persons who are related in a descending line—children, grandchildren, great-grandchildren, etc.
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| living trust | A trust created during a settlor's lifetime. (Also called an inter vivos trust.)
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| living will | A document that expresses a person's wish to be allowed to die without being kept alive by artificial means. It is not a will, but rather an expression of a person's desires.
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| lucid moment (interval) | A period of sanity during which an incompetent person is in sufficient control of his or her faculties to execute a valid will.
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| marital deduction | A federal tax deduction that allows one spouse to transfer an unlimited amount of property to the other spouse without incurring estate or gift tax.
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| marital deduction trust | A trust set up to take advantage of the marital deduction.
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| Medicaid | A government program that provides medical and long-term care to those who cannot afford it and is funded by a partnership between the federal and state governments.
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| mutual will | Joint wills executed by two or more persons.
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| natural child | A child of the birth parents.
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| no bond required clause | A clause in a will that states a personal representative or other fiduciary appointed in a will shall serve without bond.
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| no contest (in terrorem) clause | A clause contained in a will which threatens exclusion of a named beneficiary from taking gifts if he or she challenges the will.
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| nonmarital child | A child born out of wedlock.
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| nonprobate property | Property owned by the decedent at the time of his or her death that passes to a beneficiary by a means other than a will. It is not subject to probate but is included in the decedent's gross estate.
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| notice | Informing someone that an act has been taken.
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| notice by publication | Notice to interested parties in a newspaper of general circulation in the location where the estate is being probated.
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| nuclear family | A family consisting of a mother, father, and their children.
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| nuncupative will | An oral will, usually made by the testator near death.
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| organ donation | Donation of organs or tissues to another person.
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| organ donation clause | A clause in a will in which the testator states the desire to donate his or her body organs and/or body tissues upon death.
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| partner | One of two or more people who operate a business as a partnership.
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| payment of debts clause | A clause in a will directing payment of debts and taxes. It may also direct which part of the estate will be the source of payment.
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| pay on death account (Totten trust) | An account that is in the name of the depositor as trustee and lists another person as the beneficiary in the event the trustee dies.
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| per capita | The equal division of assets according to the number of surviving heirs with the nearest degree of kinship.
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| permanent life insurance | Life insurance that can be kept for the life of the insured if premiums are paid in a timely manner. Examples of permanent life insurance are whole life insurance and universal life insurance.
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| personal property | Property that is not real property or fixtures attached to real property.
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| personal representative | A person who manages the affairs of a deceased's estate.
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| per stirpes | The division of assets according to rights of representation.
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| petition | A written request of a court to take some action.
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| petition for administration | A petition filed to commence probate. The petition may include identification of whether it is a testate or intestate estate, such as petition for administration with will or petition for administration without will.
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| petition for discharge | A request by the personal representative to be discharged as the personal representative of the estate and for release of surety on any bond.
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| pet trust | A trust established to care for a settlor's pet after the settlor's death.
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| pour-over trust | A clause in a will that leaves the residuary of an estate to the trustee of an existing trust.
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| power of appointment | The power granted in a will, trust, or other instrument to determine who will benefit from a client's will or trust.
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| power of attorney | A document used to appoint someone to act as an agent of another.
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| powers of personal representative clause | A clause in a will in which the testator sets out the powers he or she is granting to the personal representative of the will.
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| precatory trust | A trust based on words of recommendation rather than on an express intent of a settlor.
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| prenuptial agreement | An agreement made by parties before marriage that controls certain aspects of the relationship, such as management and ownership of property.
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| pretermitted child | A child left out of a parent's will, either intentionally or unintentionally.
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| principal | The person granting power to an agent.
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| private trust | A trust created for the benefit of individuals rather than for some public or charitable purpose.
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| probate | The court process of determining will validity, settling estate debts, and distributing assets.
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| probate estate | Property, both real and personal, owned by the decedent at the time of his or her death that is subject to administration.
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| probate in solemn form | See formal probate.
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| probate petition | In some states, the name for the petition filed to commence probate in a testate estate.
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| probate property | Property that is owned solely by the decedent or as a tenant in common at the time of his or her death.
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| qualified terminal interest property (QTIP) trust | A trust that provides a surviving spouse an income and which meets the requirements of the IRS Code.
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| reciprocal will | See mutual will.
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| residual (residuary) legacy/devise | A gift of the remaining assets of the estate that were not otherwise disposed of by the will. (Also referred to as a residuary clause.)
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| residuary clause | A clause in a will that disposes of all property not otherwise disposed of under the will.
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| resulting trust | A trust created by a court when the facts indicate the parties did not intend for the legal owner of the property to also have a beneficial interest in the property.
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| revocable living trust | A trust created during the settlor's lifetime and one in which the settlor reserved the right to terminate the trust and recover the trust property.
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| revocation clause | A clause in a will that revokes all previous wills and codicils made by the testator.
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| revoke | To take back, as in to retract an offer at any time prior to it being accepted.
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| self-proof clause | A clause in a will allowed in some states that eliminates the need for testimony or affidavits in order to submit the will to probate.
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| separate writing clause | A clause in a will that refers to a separate writing prepared by the testator that specifies gifts of items of tangible personal property not otherwise specifically disposed of under the will.
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| settlor | The person who creates a trust. Also know as a trustor.
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| severally | Individually.
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| simultaneous death | When it cannot be established that one person died before another.
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| simultaneous death clause | A clause in a will that prevents a beneficiary from taking his or her share of the testator's estate when the beneficiary and testator die simultaneously or the beneficiary dies shortly after the testator.
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| slayer statute | A statute that prohibits a person from benefiting from the act of killing another person. For example, the beneficiary under a will would be barred from taking under the will if he or she killed the testator.
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| sole proprietor | A person who individually owns all assets and is personally responsible for all liabilities of a business operated as a sole proprietorship.
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| sound mind | Having sufficient mental capacity to execute a valid will.
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| special power of appointment | A power of appointment that limits whom the donee can appoint to receive the benefits of the estate and does not allow the donee from appointing himself or herself. (Also called a limited power of appointment.)
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| specific devise | A gift of a specific piece of property by will, traditionally a specific piece of real property.
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| specific legacy/bequest | A gift of a specific item or class of personal property by will.
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| spendthrift trust | A trust that restricts the voluntary or involuntary alienation of the trust property and/or income by the beneficiary.
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| sprinkling trust | A trust that grants flexibility and discretion to the trustee to meet the needs of each individual beneficiary.
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| statutory will | A fill-in-the-blank will form set out in state statute.
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| stepchildren | A spouse's children from a former relationship.
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| subscribe | To sign a will.
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| surety | A party who assumes primary liability for the payment of another's debt.
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| surviving spouse | A spouse that lives longer than the other spouse.
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| tangible personal property | Personal property that can be held or touched, such as furniture or jewelry.
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| taxable estate | The total value of a deceased's assets at death that is subject to taxation, less liabilities and other deductions allowed by law.
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| tenancy in partnership | A form of ownership in which property is titled in the name of the partnership. Unless otherwise provided by agreement between the partners, each partner has an equal right to use the property for partnership purposes. At the death of one partner, his or her interest passes to the surviving partners.
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| tenants by the entirety | A joint tenancy between husband and wife, similar to JTWROS, but with the additional unity of marriage. It is not recognized in all states.
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| tenants in common | A form of tenancy that occurs when two or more people own and possess an undivided interest in the whole property. Each tenant's interest does not have to be equal. All tenants have a right of possession but no right of survivorship.
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| term life insurance | Life insurance issued to cover an insured's life for a specific period of time.
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| testamentary capacity | The ability to understand and have the legal capacity to make a will.
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| testamentary gift | A gift made in a will.
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| testamentary intent | The intent of the testator when drafting a will. Courts will look to the testamentary intent of the testator when trying to interpret and apply the terms of the will.
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| testamentary trust | A trust created in the settlor's will that takes effect upon his or her death.
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| testate | The state of having died with a valid will.
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| testate succession | The passage of property following the dictates of a will.
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| testator | A man who makes a will.
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| testatrix | A woman who makes a will
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| testimonium clause | A clause in a will that indicates the end of the will and provides a place for the testator to sign and date the will.
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| tickler system | A method of keeping track of important dates and filing of documents.
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| title | Legal evidence of the person's ownership.
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| tort | A civil wrongful act, committed against a person or property, either intentional or negligent.
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| Totten trust | See pay on death account.
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| transfer on death | A form of ownership in which stocks, bonds, mutual fund shares, security accounts, and other securities pass directly to the named beneficiary upon the owner's death.
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| trust | A process by which ownership is split into legal and equitable title. The trustee of the trust has the legal title to the property of the trust but holds it for the beneficiary, who owns the equitable title.
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| trust agreement | A contract entered into between the settlor and the trustee to create a trust.
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| trustee | The person who oversees the assets of a trust.
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| trust instrument | A written document that creates a trust and sets out its terms.
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| trustor | The person who creates a trust.
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| trust property | Property placed into a trust by a settlor.
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| trust purpose | The reason a trust was created.
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| undivided interest | A title in property held by two or more people that does not specify the interest of each party.
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| undue influence | Using a close personal or fiduciary relationship to one's advantage to gain assent to terms that the party otherwise would not have agreed to.
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| unified tax credit | A credit to be used against possible estate and gift taxes.
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| Uniform Probate Code | A uniform law intended to modernize the laws relating to decedents' estates and trusts.
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| unity | A requirement for creating a joint tenancy, such as joint tenants with right of survivorship.
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| universal life insurance | Insurance that is similar to whole life insurance, but with one difference being that premiums can vary during the course of policy ownership.
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| valid will | A will that is executed in compliance with the laws of the state in which it was executed.
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| venue | The proper place where a case should be heard.
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| warranty deed | A deed guaranteeing clear title to real property.
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| whole life insurance | Life insurance that is intended to provide coverage for the insured's entire life. Whole life is characterized by an inclusion of an investment component that increases in value over time.
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| will | A document representing the formal declaration of a person's wishes for the manner and distribution of his or her property upon death.
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| will contest | An objection to the validity of a will, often based on the testator's lack of capacity or undue influence.
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