ATTORNEY IN FACT:
Someone who is given authority through a power of attorney to do a particular act. An “attorney in fact” need not be a member of the legal profession.

BENEFICIARY:
One who benefits from the act of another beneficiary under a will; income beneficiary. One who receives an advantage, recipient, donee, inheritor, legatee, receiver, cestui qui trust, heir, grantee, winner, and pensioner.

COMMUNITY PROPERTY:
Property owned in common by a husband and wife, with each having an undivided one-half interest in the property by reason of their marital status. For example, the earnings of one spouse during the marriage do not solely belong to that spouse; the earnings are community property.

CONSERVATOR:
Someone appointed by the court to manage the affairs of an incompetent person, to liquidate a business, etc.

CONTINGENT BENEFICIARY:
A person who may or will receive a benefit, but only upon happening of an event which is not certain to occur, such as the primary beneficiary becoming disqualified for the benefit, e.g., by death.

DEED:
A conveyance of real property transferring title from the grantor to the grantee. Instrument, release, assignment.

ESTATE:
An interest in real or personal property; the extent of one’s interest in real or personal property (for example an estate in land). The total property of whatever kind that is owned by decedent prior to the distribution of that property according to the terms of a will/trust.

ESTATE PLANNING:
That which arranges a person’s property and estate, taking into account the laws of wills, taxes, insurance, property, and trusts as to gain maximum benefit of all laws and to carry out the persons wishes for the disposition of his or her property upon death.

ESTATE TAXES:
A tax imposed on the right to transfer property at death; the tax is imposed on the decedent’s estate and not on the recipients of the property. A tax, which is based upon the receipt, rather than the transfer, of a decedent’s property, is called an inheritance tax.

EXECUTOR:
The person or institution who is appointed by the testator or testatrix in his or her Will to take care of the funds and property after death (also referred to as the “personal representative” of the estate). The executor functions under the jurisdiction of the probate court.

FIDUCIARY:
A person or institution that manages money or property for another; someone in whom another places great trust and has a right to expect great loyalty.

FIDUCIARY CAPACITY:
Acting on behalf of another in a relationship that necessitates great confidence, trust and good faith.

GUARDIAN:
The person who has the legal duty to care for and maintain the person and/or property of an unmarried minor child.

HEIR:
A person who inherits property, according to a state law scheme of distribution, from a person who dies intestate.

INTESTATE SUCCESSION:
The transfer of property to the relatives of a decedent who had died without leaving a valid will. In most states, a statute will specify which relatives receive intestate shares and in what amount.

ISSUE:
All persons who have descended from a common ancestor. (E.g., children, grandchildren, great grandchildren, etc).

JOINT TENANCY:
Property (an estate) held by two or more persons jointly (called co-tenants or join tenants) in undivided equal shares with the right of survivorship (when a co-tenant dies, his or her share automatically passes to the surviving co-tenants). The joint tenants have one and the same interest; accruing by one and the same conveyance, instrument, or act; commencing at one and the same time; with one and the same undivided possession.

LIFE TENANT:
A trust beneficiary whose interest consists solely of the use of, and income flow from, the trust funds during his lifetime.

LIVING TRUST:
A will entity established by means of a written trust agreement during the lifetime of the creator of the trust. The terms of the trust agreement govern the operation of the trust funds.

LIVING WILL:
A will specifying the conditions under which a person suffering from a terminal illness does not wish to be kept alive by life-support instruments.

NOTARY PUBLIC:
One whose function is to administer oaths, certify documents, take affidavits, attest to the authenticity of signatures, etc.

POUR-OVER WILL:
A provision in a Will that directs the reside of the estate into a trust, (after Probate).

POWER OF ATTORNEY:
A document that authorizes another to act as one’s agent or attorney.

PROBATE:
A court procedure by which a Will is proved to be valid or invalid (the costs of probate). Validation, authentication, substantiation, adjudication, verification, establishment, confirmation.

PROBATE COURT:
A court with jurisdiction over the probate of Wills, the administration of estates, and in some states, the appointment of guardians and adoption of children.

QUITCLAIM DEED:
A deed of conveyance that passes any title, interest, or claim that the grantor may have without any assurance or warranty that the title is valid.

REVOCABLE TRUST:
A trust in which the maker or settlor reserves to himself or herself the right to revoke the trust.

SEPARATE PROPERTY:
Property owned by a married person in his or her own right during marriage.

SETTLOR (Settlor/Trustor):
One who creates a trust; a Settlor; the grantor or donor in a deed of settlement.

STIRPS (PER STIRPES):
The person from whom a family is descended; a source of descent or title, ancestor.

SUCCESSOR TRUSTEE:
A trustee who follows or succeeds an earlier trustee.

SURVIVORSHIP:
Living after another has died. Becoming entitled to property by reason of surviving the death of one of the joint tenants.

TAX IDENTIFICATION NUMBER:
Is simply, your social security number.

TENANCY BY THE ENTIRETY:
A tenancy that is created between a husband and wife by which they together hold title to the whole property with the right of survivorship so that when one dies, the other takes the whole property to the exclusion of the heirs of the deceased.

TENANCY IN COMMON:
A form of ownership whereby each tenant (i.e. owner) holds an undivided interest in the property. Each tenant in common has a right to possession of the property, but the share in the property may not be equal. There is no right of survivorship. When one dies, his or her share passes to his or her heirs and not to the other tenant(s) in common (unless the latter happens to be heirs).

TESTATOR (If female, TESTATRIX):
A person who makes a Will.

TRUST:
A right of property, real or personal, held by one party (the trustee) for the benefit of another (the beneficiary or cestui que trust, which means the beneficiary of a trust). The creator of this right is the settlor.

TRUST DEED:
The deed by which one creates a trust or transfer property to a trust.

TRUSTEE:
The person or institution who is responsible for holding, managing, and distributing money and other property contributed to the living trust for the exclusive use and benefit of the beneficiary(s).

VALUATION:
Ascertaining the worth of a thing; the estimated worth of, an appraisal, estimate, examination or investigation.

WARRANTY DEED:
A deed in which the grantor promises a good clear title. (Deed)