Beneficiary
One entitled to profit, benefit or advantage from a contract or estate.

Codicil
A written addition or amendment to a will.

Conservatorship
A formal proceeding in which the court appoints conservator to act on behalf of another in business and/or personal matters.

Contingent Beneficiary
One entitled to profit from a contract or estate only upon the occurrence of a specific event, usually one who receives assets at the death of the primary or lifetime beneficiary.

Decedent
A deceased person.

Descendants
Persons who follow decedent in line of descent.

Estate
The assets and liabilities, real and personal property, left by a decedent.

Estate Tax
Inheritance tax.

Execute
The act of signing and notarizing trust documents.

Executor (Executrix)
Person or institution named in a will to carry out the will's instructions.

Gift Tax
Tax levied on gifts of property, to supplement estate and inheritance tax.

Grantor
One who creates a trust; the trustor; the settlor.

Intervivos
"Between the living" or "while living."

Intestate
One who dies without a will.

Issue Issue
Lineal Descendants.

Joint Tenancy
A holding of property by several persons in such a way that any one of them can act as owners of the whole and take the property by survivorship.

Last Will and Testament
An instrument whereby one makes a disposition of his property to take effect after his death.

Life interest
- An interest in property which is to terminate upon the death of the holder (or some other designated person) of the interest.

Living Will
- A document which formally expresses your wish to forego extraordinary medical treatment when you become terminally ill.

Marital Deduction
Exempts from estate tax all property passing from one spouse to the other by reason of gift or death.

Pour Over Will
Instrument which provides that property not previously transferred into a revocable living trust is to be transferred at the death of the trustor.

Powers of Appointment
Power vested in an individual to make decisions affecting disposition on distribution of assets.

Power of Attorney
Formal instrument by which an agent is appointed.

Principle of Representation
Permits the descendants of a deceased beneficiary to receive the same share collectively that the deceased beneficiary would have taken if he had been living.

Probate
The process of proving a will.

Probate Court
Court established for the administration of the estates of decedents, and the control of the adoption and guardianship of minors.

Revocable Trust
A trust in which a contingent interest is given to another and in which the trustor retains a present interest, ownership, and control.

Sprinkling Power
The power vested in a trustee to distribute income to others over time.

Successor Trustee
Individual who succeeds to the power to manage trust assets.

Trust
A right of property, real or personal, held by one party for the benefit of another.

Trustee
One appointed to manage a trust.

Unified Credit
The total credit provided by law which is free of estate taxation currently $625,000) per individual.