Glossary
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A
A-B Or A-B-Q Trust
This term refers to the split between the portion of the surviving spouse (A) and the share of the deceased (B) that then goes to a Bypass Trust. An A-B-C trust, on the other hand, adds a marital deduction trust when the share of the decedent exceeds the tax-free allowance that then goes to the Bypass Trust.Abatement
The act of suspending a case before the estate is closed. This can be due to a lack of adequate financial resources to handle the existing debts.Absolute
Giving the inheritance to an heir without any conditions.Accounting
A periodic report that is prepared by the executor, administrator, or a trustee showing the financial activity of the estate or the trust for a defined period.Acknowledgment
A declaration that is used to confirm the validity of a legal instrument such as a will or a trust.Actuary
A statistician that computes pension rates and premiums, dividends, and reserves on behalf of someone else.Ademption
The failure for a request on the property to go through just because the property isn’t part of the estate of the testator anymore at the time of death.Administration of an Estate
The process of overseeing the affairs of the decedent’s trust or estate.Administrator (male)/Administratrix (female)
A person or a financial entity that is assigned the task of taking care of the estate of a decedent that died intestate or that failed to name an executor when the named executor cannot handle the tasks assigned to him.Administrator With Will Annexed
The administrator that takes the place of an executor in a will. This is possible when the executor isn’t able to perform his duties or isn’t available at the time when he is needed.Adoption
A judicial act of establishing a legal parental relationship without any genetic linkage.Adult
In New York, a person that is 18 years of age or older is regarded legally as an adult.Advance Medical Directives
A document that the will-maker comes up with to state his wishes concerning life-sustaining treatments or chooses a person to make medical decisions on their behalf.Affiant
The person that swears to the truthfulness of the statements that are in a sworn statement.Affidavit
A written declaration or assertion that is made of your own accord and confirmed by oath by the affiant before a notary to administer the declaration.Agent
The person granted the power to act on behalf of another person, as if he was the one making the decisions.Age-Restrictions Trust/Age Limit Trust
A trust that bases on age-defined restrictions to distribute the assets. For instance, the will-maker can come up with a trust to distribute assets after every one year or when the beneficiary attains a certain age, say 25 years.Agreement For Sale
Terms and conditions that define the sale of an asset by a seller to a buyer. The terms also include the sell amount as well as the expected date of final payment. During this time, the seller retains total control over the property.Alien
A person that lives in a country where he is not a legal citizen. See “non-citizen.”Alimony Payments
The legal obligation to make payments to your spouse when a marriage ends.Alternate Valuation Date
A date that falls exactly six months after the death of the will-maker. This is the date when the executor decides to revalue the property for tax purposes or not.Amortization
A plan to repay a loan in equal payments over a certain period. Each payment comprises the principal and the interest accrued over time.Anatomical Gifts
A donation of all or part of the human body that takes effect after the donor passes away. The donation can be for therapy, transplantation, or research.Ancestor
A person that comes before you in a lineage – a parent, grandparent, or great-grandparent.Ancillary Administration
Probate proceedings that are held in another state from the state of domicile where the decedent owned real estate. The aim is to pass the estate in the foreign state to a new owner.Ancillary Jurisdiction
A law that operates outside the state of residence of the decedent. For instance, if the decedent owned property in Texas but lived in New York, then the law in Texas is considered ancillary jurisdiction.Annual Exclusion
The amount in the form of assets that can be given to an heir every year free of tax.Annuitant
The individual that receives an annuity.Annuity Gifts
An agreement between the donor and a charitable organization allowing him to transfer assets to the charity in exchange for an income or tax reduction.Annuity Trust
A trust that is made by an annuitant with a third party where he receives a specific amount of money at specific intervals, for a specific term or life. Can be either in cash or in assets.Ante-nuptial Agreement
A contract between a couple that is seeking to get married, which defines the property rights for each spouse and the kids.Anti-Lapse
A statute that prevents the property or gifts to relatives from lapsing unless the relative doesn’t have an heir of his own.Applicable Credit Amount
A credit that you get against the federal estate tax. Every person is entitled to a certain amount in credit to use for paying off federal tax that is due.Applicable Exclusion Amount
An amount transferable at death of a will-maker with federal estate tax-deferred.Applicable Exemption Amount
See “applicable exclusion amount.”Appointor
The person with the power to nominate and fire the trustees as per a deed or a will.Apportionment Rule
A statute that ensures all estates are treated equally. For instance, taxes are imposed on the estates according to the size of the estate.Appraisals
Coming up with the value of an estate by use professional appraisers.Appraiser
The expert that is tasked with determining the value of the asset for tax purposes.Appreciated Property
Assets that have attained a higher value over time, usually during the marriage.Articles Of Incorporation
The document that defines the formation of a corporation. The document states the information about the corporation that is required by law, such as the name, number of directors, purpose, and much more.Ascertainable Standard
The standard that relates to the health of an individual, education, and support.Asset Protection Trust (domestic and offshore)
An irrevocable trust drafted to allow the trustor to be the beneficiary of the trust as well. This trust protects the assets in the trust against creditors. These trusts are advantageous to people in high-risk professions such as doctors.Assets subject to administration
The property that is subject to administration in a probate court, meaning the property that the deceased person owned and remains in the estate because there is no clear designation for a beneficiary.Assignment
Granting the rights to a property to someone else or an entity.Attending Physician
The physician with the primary responsibility for the treatment and care of a patient with a terminal disease.Attestation
The act whereby you witness the signing of a legal document by another person and by a witness. For instance, a will requires the signature of the will-maker and attestation by two or more witnesses.Attorney
A professional that specializes in law practice. The person is responsible for giving legal advice to clients and has the qualifications to prosecute and defend actions in front of a judge.Attorney-In-Fact
An individual assigned the task of handling a person’s financial affairs under a Power of attorney.Attribution Rule
A set of IRS guidelines that prevent the establishment of business ownership structures that are designed to bypass some tax laws.B
Bankruptcy
A legal proceeding that involves a person or entity that is unable to repay their debts.Basis
The initial acquisition price of an asset.Beneficiary
A term that denotes a person or entity that is entitled to receive a portion of the property after the will-maker dies. This can include recipients of life insurance, estate, retirement benefits, and more. If there is a will, the beneficiary can take the assets without the need for probate.Primary Beneficiary
The main individual in line to receive the inheritance. There can be multiple primary beneficiaries.Secondary Beneficiary
The individual set to receive the inheritance when the primary beneficiary passes away before the will-maker.Contingent Beneficiary
An individual who inherits the assets only when certain conditions are met.Beneficiary Designation
A governing agreement that designates the recipient of an annuity policy, insurance policy, POD, or pension.Beneficiary Trust
Trusts that are established for the benefits of children.Bequeath
The first-person term that denotes leaving someone personal property. For example, “I bequeath my house to my son Tim.”Bequest/Charitable Bequest
A gift of personal property given through a will. Generally refers to all transfers performed under a will.Bond
An amount of money posted by a personal representative on the condition that the amount is forfeited when the executor doesn’t carry out the matters of the estate appropriately.Business Buy-Out
An agreement that sets down the rules for purchasing a controlling interest in a company or a business.Buy-Sell Agreement
A legally binding contract that defines how the shares of a partner will be reassigned upon their demise or if they leave a business.By Representation
A term used in probate law that spells out how property that dies intestate is to be distributed when the beneficiary is deceased.By-Laws
Rules established in a judiciary or a community.Bypass Trust
See “AB Trust or Credit Shelter Exemption Trust.”C
C Corporation (C Corp)
A company that operates separately from the owners and shareholders. The shareholders are taxed differently from the entity.Capital Gain (and losses)
The difference between the basis and the selling price when assets are liquidated. This computation is usually used in tax computation. It is a gain when the selling price is higher than the basis and a loss when the opposite is true.Certificate of Appointment of Estate Trustee (grant of probate)
A document that proves that the person has the legal right to handle a decedent’s estate.Certified Copy
The official copy of a document that can be presented to the court and notated as a complete, true, and authentic representation of the original document.Charitable Giving
The act of voluntarily giving something you own or money to a charitable organization.Charitable Lead Trust (CLT)
A trust for a fixed period where the charity is the beneficiary, and the remainder of the estate is given to a non-charitable beneficiary.Charitable Remainder Trust (CRT)
Refers to a trust whereby the donor retains the right to the trust for a few years of life, and the charity only receives the property when the person dies. The property isn’t liable to tax at death, even when the donor retained the income stream.Charity/Charitable Organization
A trust, organization, or corporation set up in the country as a public foundation, private foundation, or a charitable organization. It works for the benefit of other people, communities, or groups and devotes itself to helping others.Chattel
See “intangible personal property.”Checklist For Will
A list of requirements that you need to fulfill for a will to be considered valid and admissible to court.Child Support
See “alimony.”Children
(1) The biological kids of the will-maker with the current spouse. (2) Children that have been adopted by a will-maker. (3) Step-children, if the will indicates so. (4) Children born out of wedlock.Children’s Trust
A trust that is established as part of the will or out of the will to provide funds for a child over time.Chose In Action
The authority to bring a lawsuit to recover money owed, clear debts, or chattels.Civil Union
A legal relationship that happens between two people that gives legal protections to the partners only at the state level.Claim
The obligation of the estate to a third party, such as a creditor, whether it has been incurred before death or as a result of the death of the will-maker. An example is the debts owed to creditors.Class
A category of people that have qualities or certain attributes in common. For instance, “parents.”Closely Held Business
A business organization where the ownership is held among a limited number of people from the same family instead of the public.Closely Held Stock
Stock that is held by a small number of people, usually family.Codicil
A written modification to the will that either adds clauses or eliminates some aspects of the will.Co-administrators
Two or more people named in a will to manage an estate. Usually a bank or an individual such as a lawyer, friend, or a spouse.Collateral
The property that you give to a lender as security for a loan.Collectables
An item with substantial value due to its rarity. These items are usually bought with the expectation that the value will increase over time.Common Disaster
When two or more people, usually wife and husband, die due to the same situation, and when the two die within a short period of each other.Common Pot Trust
A trust that holds the assets in a lump sum until the beneficiaries reach a certain age or until a predetermined event occurs.Common-Law Marriage
A marriage without a civil ceremony, usually as a result of an agreement by two people to marry after living together for some time.Community Property
A type of ownership between spouses or partners where the couple’s properties are considered community-owned. Therefore, each individual possesses half of the assets that have been acquired during the period they were married. This law is applicable in only a few states.Community Property With Right Of Survivorship
The statute combines the two forms of ownership – “common property” and “right of survivorship.” The statute protects the living spouse by dictating that the will doesn’t give another person community property owned by the couple.Compensation
The act of paying an equivalent of the damages caused to a person.Conformed Copy
A copy of the original document where, instead of the signatures being made by hand, they are printed or typed out.Consanguinity
A term denoting the natural bond that exists between people who are of the same lineage.Conservator
A term that applies to some states, denoting a guardian of an incapacitated person or a minor.Corporate Fiduciary
When a trust company or bank exercises fiduciary powers over an estate as per the state rules.Contemplation Of Death
Expecting to pass away soon, which triggers the process of creating a will to pass on your estate.Contingency
The possibility of an event coming to pass; an event that might occur and change the way things are done.Contingent Fiduciary
The second in line to a fiduciary role, such as an executor or an administrator to an estate. This role comes into play when the designated fiduciary isn’t able to handle the task or cannot be found.Contract
A written agreement that is legally enforceable between two or more people or entities. Each party has a legal obligation they are required to fulfill.Contractual Assets
A document that spells out how to dispose of the assets by a beneficiary designation.Convey
To transfer the titles of assets to a living trust.Corporate Tax
A tax that is imposed on the profits of a firm by the federal government.Corporate Trustee
A licensed institution that acts as a trustee for different kinds of trusts.Corporation
A legal entity existing to conduct business but remaining separate from owners.Corpus
The amount of money or assets set aside to produce income for a beneficiary.Costs Of Administration
The necessary costs that you have to incur to collect, administer, and distribute the estate. They include administrative, operating, accounting costs, and more.Co-Trustee
The situation where a trust is overseen by more than one trustee with equal rights and powers.Credit Shelter Trust
A process that allows well-to-do couples to avoid estate taxes when distributing their estate to beneficiaries, usually the kids.Creditor
The person or entity that you owe an obligation to because they gave you something of value in exchange.Crummy Withdrawal Right
The right of a decedent to withdraw the annual gift put in trust for the beneficiary. Usually, this right is available to the will-maker for 30 days, and when the period ends, the funds have to remain in the trust under the control of the trustor.CTA (cum testament annexo)
The term means that the deceased has left a will without appointing an executor to it. Additionally, it applies when the executor is incompetent to perform what has been assigned to them or refuses to act in the assigned capacity.Curtsey
The right of a spouse to receive a predetermined portion of the decedent’s assets. Usually, the portion falls between one-third to one-half.Custodian
The person who is appointed to oversee the management and distribution of funds to a child as per a will.Cy-Pres Doctrine
When the initial objective of the will-maker is impossible to perform, the court uses this doctrine to change the terms of the charitable trust to be closer to what the testator wanted.D
Death Benefits
The benefits arising from the insurance policy, pension, or annuity.
Debtor
Someone who owes money to a creditor.
Deceased Spouse
A spouse that has passed away.
Decedent
A person that has died.
Decedent’s Trust
A trust that is set up upon the demise of the will-maker to take advantage of tax benefits.
Declaration Of Trust
A trust agreement that evidences, supports, and establishes in writing and is declared to be true and correct. The agreement has to be dated and signed by the trustor and show the name and date of establishment.
Decree
An order made by the court to determine the rights of parties in the lawsuit.
Deductions
A monetary amount the taxpayer is allowed by law to deduct from income when determining the tax.
Deed
A real estate instrument that is written and signed by the person selling the property.
Deed Of Trust Or Mortgage
A contract between a debtor and a creditor to give the assets to a third party that will act as the trustee. The aim is for the trustee to retain the assets pending the payment of the debt.
Defective Trusts
An agreement that permits the trustor to pass the trust to you before their demise.
Descendant
The will-maker’s lineal descendants across all generations, with the relationship being defined by the definitions of the child-parent found in the probate code.
Designee
A person assigned a task in a legal agreement.
Devise
To dispose of an estate according to a valid will.
Devisee
An individual or an entity that has been named in the will to receive a property/devise.
Directive to Physicians
A written instrument that directs the physician on how to deal with life support decisions.
Digital Assets
A digital entity that is owned by a company or an individual.
Digital Estate Planning
The act of organizing your digital assets and deciding what happens to them when you pass away.
Direct Skip
Property transfer that skips a generation. An example would be a grandfather giving property to a grandchild.
Disability Benefits
Federal benefits that require the existence of a mental or physical impairment that can end in death or incapacitation to qualify.
Disclaimant
The potential heir who rejects the assets that have been passed on to them by the trustor.
Disclaimer
The process of legally refusing a devise, whereby the asset then passes to the descendants of the person that rejected the assets in the first place, or to other beneficiaries depending on the law applicable to the situation. Typically, the disclaimers need to be made within nine months of demise to be applicable.
Disclaimer Trust
A statute that allows a spouse to add specific assets to the trust by rejecting a part of the estate.
Discretionary Beneficiary
The intended beneficiary set to benefit from a discretionary trust. See “discretionary trust.”
Discretionary Trust
A trust that gives the trustee all discretion concerning the payments for the trust beneficiary.
Disinherit
To cut off someone from an inheritance. A parent is allowed to cut off a child from the inheritance, but they cannot do the same for a spouse.
Disinheritance Clause
A clause that specifies the people that can be disinherited, therefore protecting others.
Dissolution
The act of legally bringing a marriage to an end.
Distributee
See “heir.”
Divorce
A legal termination of a marriage before a court of law.
Divorced Spouse
An ex-spouse, as a result of a divorce.
Domestic Relations Order (QDRO)
A court order that grants a spouse to receive all or part of the benefits of an employee’s retirement plan after a divorce.
Domicile
The home that you regard as a permanent residence. The laws of the state of domicile determine how your estate is distributed when you pass away.
Donee
The person that receives the gift from a donor. See “beneficiary.”
Donor
The person who, while still alive, passes on the property to another person using a trust. See “grantor.”
Do-Not-Resuscitate (DNR) Order
A medical order that clarifies when to use and not to use CPR when the patient’s heart stops, or they stop breathing.
Dower
A provision of the law that gives rights to a widow to get support from property or land that the husband has left behind. Aimed to use for her care and the care of the children.
Durable Power Of Attorney
A written document enabling an individual (principal) to select someone to act as an attorney-in-fact or agent to make decisions on their behalf. This form of designation doesn’t get terminated when the person becomes incompetent or incapacitated. However, they get terminated when the will-maker dies.
Dynasty Trust
A long-term trust that allows the trustor to pass the estate to beneficiaries without having to pay transfer taxes such as estate and gift tax.
Dependent Administration
A proceeding for the management of a decedent’s estate where the court is involved to a large extent. It requires various papers to be filed with the court and many hearings to be made before a judge. Usually used in intestacy.
E
Earned Income
The money you are paid as a result of providing a service or due to an investment.Elderly
Being of an age that is nearing or surpasses the life expectancy of humans.Employee Benefits
Indirect, non-cash compensation given to employees. These can be company-based or mandated by the law, for instance, social security benefits.Encumbrance
Any claim or a restriction on the asset’s title.End-Of-Life Care
Care that is provided for the people that are near the end of their lives.Endowment Insurance
A type of life insurance that pays out the face value of the policy are the end of the period or upon the death of the insured person.End-Stage Condition
An advanced, progressive, and irreversible condition due to accident, old age, injury, or illness.Equity
The difference between the fair market value of all your property and the amount you still owe on the assets, if any.ERISA (Employee Retirement Income Security Act (1974))
The law that establishes a minimum standard that employers offering health, retirement, disability, and life insurance policies to follow.Escheat
The process of assigning your property to the state when you die without known beneficiaries under a will and no known heirs if the will-maker died intestate.Estate
This word denotes several things depending on the context in which you use it. Under federal taxes, it refers to all the property of the decedent that can be taxed. Under probate, it refers to the property that is subject to administration in probate court.Estate Planning
The process of overseeing a will-maker’s property to reduce taxes while offering the best way to dispose of their wishes.Estate Planner
A professional, specializing in assisting people through the process of coming up with an estate plan.Estate Administration
The process of locating and collecting the assets of the decedent, paying creditors, and distributing the property to heirs done by the executor under the supervision of the court.Estate Settlement Costs
The costs that you incur when distributing the assets as per the instructions in the will. These include accounting costs, legal fees, and other expenses.Estate Taxes
A tax that is imposed upon the transfer of property upon demise. This tax is only imposed on the transfers that exceed the exclusion amount.Estate Trust
The trust a spouse sets up to protect the assets of a surviving spouse.Ethics
Principles that conduct the governing of a profession or a career.Execute
To perform, implement, or to make. The term is used legally to mean to implement something, for instance, to execute a deed is to come up with a deed, to execute a contract is to get to the end of a contract.Executor (male)/Executrix (female)
The individual or entity that is named to oversee the estate of a person that died intestate. The executor is supervised by the probate court and submits reports to the court unless you specify as a will-maker that the person will serve as an independent executor.Exempt Property
In New York, this denotes a home, personal effects, or other assets that are exempt from creditors. In the context of the probate process, this is a property that is set aside in favor of a dependent kid or a surviving spouse.Exempt Gifts
A gift that you give to someone else that isn’t subject to gift tax laws.Exemption
Privileged freedom from paying tax or any other duty.F
Financial Planner
A professional specializing in helping people handle their finances through planning in different financial areas.Failure To Issue
Dying without any lineal descendants such as children or parents.Fair Market Value
The price at which an informed seller that isn’t forced to sell can be willing to sell the asset to a buyer that isn’t being forced to purchase the asset.Family Allowance
The amount of money that the living spouse is entitled to from the estate of a decedent spouse during the period the estate is under probate. The amount is not set; rather, it is a reasonable amount that is payable to the family.Family Limited Liability Company (FLLC)
See “Family limited partnership.”Family Limited Partnership
A type of business ownership that grants the owners improved protection against the liabilities of the federal and estate tax.Family Trust
A kind of trust that is established to benefit people that are related to each other by blood, law, or affinity. They are established with a primary role of passing the assets to beneficiaries.Federal Estate Tax
Taxes levied by the federal government upon the decedent’s right to pass over the property to successors.Fiduciary
Comes from a Latin word denoting trust and confidence. This is a standard term that refers to a person or an entity that represents the decedent in making decisions on the estate. They include a guardian, trustee, or administrator, and other agents that are given powers of attorney.Fiduciary Taxes
Taxes that are imposed on the fiduciary during the administration of the assets.First-To-Die Policy (Joint Life Insurance Policy)
A policy that gives you the kind of coverage you want while saving you money on the premiums. The policy pays out the benefits, the whole of it, when a spouse dies; making sure that your family is adequately taken care of.Flexible Spending Accounts (FSA)
A type of account that gives the account holder tax advantages that they need. You can use the money in the account to pay for some health care costs.Forced Share
The part of the deceased person’s estate that the living spouse has rights to.Form 1040
IRS tax form that you use to file federal tax returns.Form 1041
A tax return for a decedent’s estate or living trust after the demise of the will-maker.Form 706
A tax form that is used by the executor to calculate the estate tax that is owed on the estate.Form 709
A form used to report taxable gifts.Form K-1
A form that is used for reporting revenue, losses, and dividends of partners. Also used to report these aspects of shareholders in an S Corporation.Funding a Trust
An act of transferring assets to a trust, failure which the trust might not be considered valid.Future Value
The value of the estate after a certain period, based on factors that affect the change in the valuation of the asset.G
General Bequest/Residuary Bequest
A gift that comes out of the overall estate and not a specific part of the estate.Generation-Skipping Transfer Tax
An additional tax on transfers to beneficiaries that are more than a generation younger than the will-maker.Generation-Skipping Trust
Creating a trust for members of the lineage that are a generation apart, for instance, creating a trust for your grandkids. The trust helps avoid double taxing.Gift Leaseback
The act of giving part of your estate to a beneficiary then leasing back the asset for your use.Gift Tax
A tax levied on the gifts you give to an individual that is above the annual exclusion.Gift
A voluntary transfer of your assets.Going Concern Value
A business that operates without a threat of liquidation soon.Grant Deed
A deed where the grantor confirms by way of signature that the property doesn’t belong to another person and that it doesn’t have a lien other than what has been already noted down on the deed.Grantee
The person who receives a gift from a grantor.Grantor
In the context of the trust, refers to the person who establishes the trust. When used in the context of a will, the term refers to the person that is transferring real estate in a deed.Grantor Retained Annuity Trust (GRAT)
When a donor passes away before the end of the term, then the value of the trust is passed down to the beneficiary. The trust aims to reduce taxes.Grantor Retained Interest Trusts
An irrevocable trust allowing the grantor to save on estate taxes and gift taxes while enjoying income from the trust through the term of the trust.Grantor Trusts
A trust that dictates how the assets of a will-maker to be managed and distributed after the death of the grantor.Gratuitous Transfers
A gift or the transfer of assets that have value for nothing in return.Gross Estate
To calculate federal tax, the total value of assets, real or personal, that the decedent owned or controlled at the time of demise.Gross Probate Estate
For federal estate purposes, this is the total value of the property that a decedent owned that goes through probate.Guardian of an Estate
An adult individual or financial entity that is appointed by the court to manage the property on behalf of an incapacitated person or a minor. The guardian oversees the property until the minor becomes an adult or the incapacitated person becomes competent enough to handle the property on their own.Guardian of the Person
An adult that is appointed by the court to care for a minor or an incapacitated person. The will-maker can decide.Guardianship
A court process that grants authority to the guardian to handle the affairs of the individual that cannot do so by himself.H
Health Care Proxy/Agent/Surrogate
An individual authorized by law to make health care decisions for a person who is incapacitated.Health Care Representative
An individual appointed by the court to make health decisions on your behalf if you cannot do so yourself due to incapacitation.Heir Apparent
A person who is likely to inherit the estate if they outlive the will-maker.Heir At Law
A person who has the legal right to inherit property under intestate succession laws.Heir Testamentary
An heir designated in a will drafted in a form prescribed by law.Heir
An individual who inherits assets either through a will or from a person who died intestate.Hereditary Succession
The process of distributing a person’s estate to relatives in a specific order when they pass away intestate.Holographic Will
A will that is written in the handwriting of the will-maker and is not witnessed by others.Homestead
Also known as the dwelling, this refers to the house where you reside and the adjoining land where your family lives.Honorary Trust
A trust that does not specify a clear beneficiary and can be created for charitable purposes or even for animals.HR-10 Plans (Keoghs)
Retirement plans that allow self-employed workers to have similar savings opportunities to those offered by pension plans or IRAs provided by other companies.I
In-Kind
Refers to the return of a similar article to the lender by the borrower.Incapacitated Person
The individual that has been determined by the court of being incapable of handling their personal or financial affairs.Independent Administration
The portion of the deceased person’s estate that is administered without supervision from the probate court.Independent Executor
An administrator that is allowed to act independently of provisions of the probate court. The will must provide for this, or all intended beneficiaries must agree to allow the executor to work independently.Inchoate Interest
A property interest that you are set to receive at a later time.Incidents Of Ownership
The rights that apply to the ownership interests in an insurance policy. The rights include the ability to change a beneficiary, change types of premiums, and borrow on the policy.Income
This is money or anything of value that you receive as an individual or a business, usually in exchange for a service.Income Beneficiary
The heir that holds an interest in the money generated from a trust or another asset.Income Tax
A tax that is imposed by the federal government on income generated from trusts or property.Incompetence
The inability to manage one’s affairs, including due to old age, weakness of mind, disease, and other causes.Incorporation
The legal process that is used to form a company or a corporate entity.Individual Proprietor
A person that owns a business entirely and is responsible for all the debts incurred by the business.Individual Retirement Account (IRA)
A tax-advantaged investing tool that allows individuals to make money from their retirement savings.Informal Will
A will that doesn’t meet all the requirements of a proper will but can still be presented to probate for authentication.Inherit
To receive property from a deceased person as per a will or intestate.Inheritance
Assets or other properties that are passed down to the heir when he passes on.Inheritance Tax
A tax levied on the right to acquire property from a decedent. This is different from estate tax that is levied on the right to transmit tax, and not the right to receive it.Inherited IRA/ Beneficiary IRA
The account that the service provider sets up when you inherit an IRA account or another policy after the will-maker passes on.Institutional Trustees
A bank or other financial institution that can serve as a fiduciary.Instrument
A term that denotes an agreement or a document.Insurance
A contract whereby one party pays money in the form of premiums and the other party guarantees to cover certain losses.Insurance Trust
A trust that is formed to make a person a beneficiary for an insurance policy.Intangible Personal Property
Property that isn’t physical; rather, it is represented by some paper, such as mutual funds, stocks, cash, or bank accounts.Intentionally Defective Grantor Trusts (IDGTs)
A strategy to transfer the estate to family members when the grantor is still alive.Inter Vivo Trust/Living Trust
A term used to denote agreements that are made while living. So an inter vivo trust denotes a trust made when the trustor is alive.Interlineations
The addition of a clause to a document after it has been already signed.Intestacy
Denotes dying without leaving a will behind.Intrinsic Value
The essential value of something, recognized everywhere and by all people.Inventory
A formal list of assets that the personal representative submits to the court during the probate hearing.Irrevocable Trust
A trust that cannot be modified or revoked by any person at all. A big percentage of the revocable trusts become irrevocable after a while, especially when the will-maker dies.Issue
A general term that denotes all natural children and their descendants through the generations. Even adopted children fall under this category. See “lineal descendants.”J
Joint Ownership
A type of shared property ownership where every owner has an undivided interest in the property. Usually seen in real estate ownership.Joint Property
A property that has a co-owner named on the title or deed. Co-owners retain the ownership of the property upon the demise of another owner.Joint Tenancy
Owning tangible property by multiple people with the element of survivorship. The law is such that when one tenant dies, the other one owns the interest entirely.Joint Tenancy With Right Of Survivorship (JTWROS)
This code applies to co-owners of property held under joint ownership that entitles the co-owner to take over the entire property when the other tenant passes away.Joint Will
A will that cannot be modified by one party alone. Revoking the will is only done when both will-makers decide to do so.Judgment Creditor
A person or entity that the court of law has decided has authority to receive money from the estate.Jurisdiction
The authority that a court has to rule on legal issues in a dispute, determined by the type of case and the geographic location.K
Kin
See “kindred.”Kindred
All the persons that are described as the relatives of the will-maker under the New York probate code. This includes family members such as parents, children, siblings, and other blood relatives.L
Leave a Legacy
To make an impressive contribution to society, usually through entrusting, giving, donating, or endowing assets via a will.Lapse
The failure of a property or gift left in a will due to the death of the intended heir and there being no alternative beneficiary named to take over the role.Law
A set of rules that have a binding force and can be enforced by the authority in place, governing the conduct of individuals and society.Lawful Heirs
The persons that have been designated by the law to receive an inheritance from a deceased person, typically close family members such as parents, children, and siblings.Lawful Issue
Refers to the lineal descendants of an individual, such as children, grandchildren, and so on.Lawyer
See “attorney.”Legacy
An old legal term that means the transfer of personal assets via a will. See “bequest.”Legal Heirs
See “kindred.”Legatee
A person named in the will to receive a specific property or asset.Lessee
A person to whom the lease of a property or asset is granted.Lessor
The person or entity that grants the lease of a property or asset to a lessee.Letter Of Attorney
See “power of attorney.”Letter Of Last Instruction
A signed letter that provides a detailed inventory of properties and liabilities, along with personal preferences regarding the transfer of assets, funeral and burial instructions, and other wishes after death.Letters Of Administration
The document issued by the probate court clerk, granting the administrator the legal right to act on behalf of the deceased person.Letters Testamentary/Letters Of Office
The document issued by the probate court clerk, granting the executor the legal authority to manage and distribute the assets of the deceased person’s estate according to the terms of the will.Liability
The legal responsibility or obligation to compensate for damages or debts.Lien
An official claim or legal right against a property or asset to secure payment of a debt or obligation.Life Estate
A condition in which a person has the right to use and enjoy a property during their lifetime, after which the property passes to another beneficiary.Life Insurance Trust
A type of irrevocable trust that shields life insurance policies from being treated as part of the taxable estate upon the death of the insured.Life Prolonging Procedure
Medical procedures that are used to prevent death when it is likely to occur, such as CPR, mechanical breathing assistance, and drug administration.Limited Liability Company (LLC)
A legal business structure that offers limited liability protection to its owners, known as members, while also allowing flexibility in management and taxation.Limited Liability Partnership (LLP)
A type of partnership where some partners have limited liability, protecting them from the partnership’s debts and obligations, while other partners have unlimited liability.Limited Power Of Attorney
A form of power of attorney that grants the agent limited powers to act on behalf of the principal. Also known as a special power of attorney.Liquidity
The degree to which an asset can be quickly and easily converted into cash without significantly affecting its value. Assets with high liquidity can be readily sold or used as collateral.Living Trust
See “revocable trust, inter vivos trust.”Living Will
A legal document that expresses a person’s wishes regarding medical treatments and life-sustaining measures in case they become incapacitated and unable to communicate their decisions.Lump-Sum
Paying a specific amount of money as a single, complete payment, rather than in installments or over time.M
Malpractice
An error due to ignorance or negligence by a professional person, such as a doctor, lawyer, or accountant, resulting in harm or damages to a client or patient.Marital Deduction
A tax code provision allowing a deduction for gifts given to a spouse during the donor’s lifetime or left to the surviving spouse in a will or trust after the donor’s death.Marital Property Agreement
A contract signed between spouses before or during marriage to change the rights of property ownership and distribution under the laws of New York. The agreement can pertain to separate and community property and may address issues related to assets, debts, and spousal support.Marital Share
The portion of the deceased person’s estate that a surviving spouse is entitled to receive under the applicable laws of inheritance or the terms of a will.Marital Trust
A trust established for the sole benefit of a surviving spouse with the primary goal of reducing estate taxes on the estate left behind for the surviving spouse. The surviving spouse is entitled to the assets held in the trust and may also receive income generated from the trust assets.Material Provision
An essential provision in a will that is crucial to carry out the testator’s intentions and distribute the assets as intended.Medicaid
A public health insurance program in the United States that provides healthcare coverage to low-income individuals and families, including the elderly and disabled.Mental Capacity
The legal and mental ability of an individual to understand the nature and consequences of their decisions and to make informed choices.Minimum Distribution Requirements
A set amount that individuals must withdraw each year from their Individual Retirement Accounts (IRA) and retirement plans sponsored by the federal government once they reach a certain age, typically after turning 72.Minors
In New York, individuals who are below 18 years of age. However, certain legal restrictions and limitations on rights may continue until the individual reaches 21 years of age under specific circumstances.Mortgage
A loan that individuals obtain by pledging real estate as collateral. The borrower (mortgagor) receives funds from a lender (mortgagee) and agrees to repay the loan over a specified period, with interest.Motion
A formal request made to a court by one of the parties involved in a legal case, seeking a ruling or order on a specific issue or aspect of the case.Multiple Probates
See “ancillary probate.”Muniment of Title
A probate proceeding that allows the court to accept a will as evidence of title to real property without the need for full estate administration. This procedure is only applicable when the estate has no debts, and no other property administration is required.Mutual/Reciprocal Wills
Two separate wills executed by partners in a marriage, containing the same provisions and reflecting the reciprocal agreement to dispose of their assets in a particular manner upon their deaths.N
Net Earnings
The amount remaining after deducting expenses from the gross earnings of an estate, business, or individual.Net Estate
The value of an estate at the time of death, calculated by subtracting any outstanding liabilities and debts from the total assets of the estate.No Contest Clause
A provision in a will or trust that is intended to dissuade disgruntled beneficiaries from challenging the validity of the document. The clause stipulates that if a person contests the will or trust and loses, they forfeit their entire inheritance.Non-Citizen
An individual who is not a citizen of the country in question. In the context of estate planning and tax laws, non-citizens may be subject to specific rules and regulations.Non-Grantor Trust
Any trust that is not taxed to the person who establishes the trust and transfers assets to it. Instead, the trust itself is responsible for paying taxes on its income and gains.Non-Marital Share (Separate Property)
Property brought into a marriage by each spouse individually, which remains separate from the marital assets and is not subject to division in the event of divorce or death.Non-Probate Property
Assets that are not subject to the probate process upon the death of the owner. Non-probate assets may include life insurance benefits, retirement accounts with designated beneficiaries, and property owned jointly with rights of survivorship.Non-Qualified Retirement Account
A retirement plan that does not meet the requirements for tax-favored treatment under the Internal Revenue Code. Non-qualified retirement accounts offer additional employer benefits and often come with more flexible contribution and withdrawal options.Notary Public
A public officer with the authority to witness and authenticate legal documents, such as affidavits, deeds, and powers of attorney. The notary public’s signature and official seal lend credibility to the documents.Nuncupative Will
An oral will, declared verbally by the testator in the presence of witnesses. Nuncupative wills are typically made during a terminal illness when the testator is unable to create a written will. They are subject to specific legal requirements and may not be recognized in all jurisdictions.O
Officer
An individual appointed to fulfill the functions of an office on behalf of the general public or a specific organization. Officers may include executives, directors, or other individuals in positions of authority.Offshore Asset Protection Trusts
A trust established in a foreign country with the primary purpose of safeguarding assets from potential creditors and minimizing tax liabilities.Omitted Heir
Also known as a “pretermitted heir,” an omitted heir is a person who would have been entitled to inherit from a deceased person’s estate but was not included in the will. In certain situations, pretermitted heirs may still have legal rights to a portion of the estate.By Operation Of Law
The rights and obligations that are automatically assigned to a person by operation of the law, without the need for a written agreement or explicit intention. These legal rights arise as a result of specific circumstances or events.Out-Of-State Property
Assets that are located in a state other than the one where an individual is domiciled or considered their primary place of residence.Ownership Of Property
The legal right of an individual or entity to possess, use, control, and dispose of a specific thing or asset exclusively, without interference from others. Ownership grants the authority to transfer the property to others or convey interests in it as desired.P
Palliative Care
Specialized medical care provided to individuals living with a terminal illness, such as cancer, focused on alleviating pain and improving the patient’s quality of life.Partnership Agreement
A written contract that establishes the rules, rights, and responsibilities to be followed in a business partnership.Payable-On-Death Account (POD)
An account that designates a beneficiary to receive a certain amount of money upon the account owner’s death. The account owner retains full control of the account during their lifetime.Pecuniary
Relating to money or monetary matters; consisting of a monetary nature or something that can be valued in terms of money.Pension Plan
A retirement fund, typically sponsored by an employer or government entity, from which regular payments are made to the pensioner after retirement.Per Capita Distribution
A method of distributing assets among the heirs as individuals, regardless of their relationship to the deceased, with each person receiving an equal share.Per Stirpes Distribution
A method of distributing assets where the descendants of a deceased person receive the share that their deceased parent would have received if alive.Perfect Trust
A trust that has been created in full compliance with the laws and regulations of the state.Persistent Vegetative State
A medical condition where patients with severe brain damage are in a state of partial consciousness and lack true awareness of their surroundings.Personal Effects
Items owned for personal use, such as jewelry, clothing, and personal belongings.Personal Property
Property owned individually, including assets such as jewelry, vehicles, bank accounts, and stocks. Personal property excludes real estate.Personal Representative
A person or financial entity appointed by the probate court to administer the estate of the deceased.Petition
A formal request made to a court, typically seeking a legal judgment or action after giving proper notice.Pickup Tax/Sponge Tax
A federal estate tax that some states may collect as part of their inheritance tax.Pooled Income Fund
A type of charitable trust where individual gifts are pooled and invested together, and the income from the fund is distributed among the participants based on their contribution percentage.Pour-Over Will
A will that directs assets not part of a living trust to be transferred into the trust upon the testator’s death.Power Of Appointment
A power granted in a trust document that allows the holder to determine how trust assets are distributed, either through a will or directly under the trust.Power Of Attorney
A legal document that grants authority to an agent to make decisions on behalf of the principal (the person granting the power) until their death or incapacitation.Precatory Language
Language in a will or legal document that expresses a wish or desire but does not impose a legally binding obligation.Predeceased Spouse
A spouse who has passed away before the testator (the person making the will) while still married.Preliminary Distribution
A petition seeking court approval to distribute all or part of the deceased’s estate that a rightful heir is entitled to. The court may grant this distribution if it appears that the estate has no outstanding debts or expenses.Prenuptial Agreement
A legal agreement entered into before marriage that outlines how the assets of each spouse will be treated in the event of divorce or death.Present-Interest Gifts
The transfer of property to a donee (recipient) that immediately grants them the right to take possession of and use the property.Pretermitted Heir
A child or spouse unintentionally left out of a will. If the court determines that the omission was accidental, the pretermitted heir is entitled to inherit from the estate as if the testator had died without a will.Principal
The person who establishes a trust (also known as a “grantor”) and contributes assets to it.Probate
A court procedure to validate the authenticity of a will or determine the rightful heirs if there is no will. The term is commonly used to refer to the entire legal process of handling a deceased person’s estate, including collecting assets, paying debts, and distributing the estate to heirs.Probate Proceeding
A legal process, often initiated with a petition, that culminates in a hearing before a probate judge to determine whether a will should be admitted to probate.Probate Code
Also known as the “uniform probate code,” it refers to a set of state laws that govern the probate process, including rules related to wills, estates, and trusts.Probate Court
The state court responsible for overseeing the probate process, managing the deceased’s assets and debts, and determining the distribution of the estate to potential heirs.Probate Fees Or Taxes
The costs associated with filing a probate case in court, which are typically calculated based on the size of the estate.Probate Property
Assets subject to the probate process, including real estate and individual assets owned by the decedent.Property
Assets, both tangible and intangible, that an individual or entity owns and has legal rights over.Proxy
Also known as an “agent,” a proxy is a person authorized to act on behalf of another individual, especially in legal or business matters.Prudent Man Rule
A legal standard that gives discretion to fiduciaries (such as trustees) to manage the affairs of the trustor (the person who established the trust) and invest trust assets in low-risk investments, acting in the best interest of the beneficiaries.Q
Qualified Charity
An organization that meets specific criteria and qualifies for tax benefits, including tax deductions and income. This can include federal, state, and local government entities if donations to them are made for charitable purposes.Qualified Disclaimer
An irrevocable refusal to accept a designation in the estate of a decedent, particularly as a surviving spouse.Qualified Domestic Trust (QDOT)
A trust established to allow the assets of a decedent to be transferred to a surviving spouse who is a non-citizen.Qualified Retirement Plan
A retirement plan that complies with the requirements of the Internal Revenue Code (IRC) sections 415 and 414(s).R
Real Property
Refers to land, buildings, and real estate that an individual owns. It includes assets attached to the land, such as minerals.Recording
The process of filing a legal document, such as a will or a deed, with the clerk of the court.Remainder
Assets that remain after all the beneficiaries have received their portion and all expenses have been paid off. A pour-over will is used to distribute the assets.Remainderman
An individual who has the right to the remainder of the estate after a trust has been dissolved.Renunciation
The act of declining to act as an administrator of an estate even after being named as one. To renounce the role, you have to sign relevant documents and present them to the court.Res
Refers to the principal or corpus of a trust. The assets held in the trust that generate income or other benefits.Residence
A dwelling; the place where a person stays with their family and considers it their home.Resident Agent
A fiduciary who resides in the state where the probate case is taking place and provides notices to other interested parties to the estate.Residuary Beneficiary
A person or entity that receives assets that remain after every other beneficiary has received their share.Residuary Estate
The property that remains in an estate after all specific gifts have been distributed to the beneficiaries.Residue
Refers to the remainder of an estate after all debts, taxes, and specific gifts have been paid.Restatement
A total amendment of a will to make it different. Any previous will is deemed null and void.Retitling
- Changing the title of a will-maker’s property to a beneficiary.
- The act of transferring assets from an estate to a living trust.
Reversionary Interests
A clause in a trust that causes the assets to revert back to the trustor or owner at a specific time.Revocable Living Trust
An inter vivos trust or living trust that can be revoked or modified by the trustor during their lifetime. The trust becomes irrevocable when the trustor passes away.Revocation
The act of canceling rights or privileges that had previously been given to a person, usually a fiduciary.Right of Representation
See “Per Stirpes.”Rights of Survivorship
In a joint tenancy, the rule that provides for the automatic allocation of property to the surviving co-tenant when one tenant passes away.Rule Against Perpetuities
A law that limits the duration of a trust, preventing it from existing for an extended period. It stipulates that the assets must be distributed to heirs within a certain time frame to avoid perpetual control of the assets.S
S-Corporation/ S Corp/ S Subchapter
A corporation that elects to be taxed as a “pass-through” entity. The gains and losses get passed through to the shareholders directly.Scrivener
An individual who prepares a legal document on behalf of another person for a fee.Second-To-Die Insurance
An insurance policy that is activated when the second spouse dies.Section 170(B)(1)(A)
An organization that enables the donor to enjoy a deduction on charitable donations.Section 2055(A)
Organizations that qualify for deductions when receiving gifts from donors.Section 2522(A)
Organizations in this section qualify for tax deductions.Securities
Investment instruments such as stocks and bonds.Self-Proving Procedure
A document that proves that all the requirements for drafting the will have been complied with.Self-Proving Will
A complete will accompanied by witness statements and signed before a notary public.Sensitive Trustee
A trustee that plays multiple roles, acting as both the trustor and a trustee.Separate Property
Refers to assets that are owned before marriage, as well as assets received as gifts or inheritance during the marriage.Settlement
The entire process of administering, distributing, and closing an estate.Settlor
See “Grantor.”Simple Will
A will that identifies a few heirs, usually the immediate family, and distributes the assets equally.Simplified Employee Pension Plan (SEP)
A pension for small business employees where funding comes from employer contributions or a salary reduction.Sole Proprietorship
The title to a business held by a single individual. The owner is liable for the liabilities of the business.Special Needs
Refers to situations in which a person requires specialized attention, such as disability.Special Needs Trust (Supplemental Needs Trust)
A trust in which the trustee has the sole discretion to make disbursements on behalf of the beneficiary. The only limitation is to protect the government benefits received by the beneficiary. The trust provides for the beneficiary’s needs while maintaining their eligibility for state and federal benefits.Special Power Of Attorney
A type of power of attorney that grants the attorney-in-fact limited powers to make decisions.Spendthrift
An individual who lacks the skills to manage property responsibly and spends money recklessly.Spendthrift Trust
A trust that provides funds to maintain a beneficiary, protecting the assets from the beneficiary’s extravagance.Split-Interest Trust
A type of irrevocable trust in which the income is first distributed to the beneficiaries for a certain period, and then the remainder is given to a charity as specified in the trust.Spousal Trust
See “Marital Trust.”Springing Power Of Attorney
A power of attorney that comes into effect only when a specified event occurs, such as incompetence.Springing Trust
A trust that comes into effect upon the demise of the will-maker or as specified in the will.Sprinkle Power
The right to decide when and how much of the assets and income in the trust are to be distributed to the beneficiaries.Standby Trust
A type of revocable trust formed to manage the assets of a person who is out of the country or disabled.State Estate Tax
A tax imposed by the state on a deceased person’s estate.Statute Of Descent And Distribution
Statutes that govern the distribution of assets to descendants when there is no will.Statutory Will
A standard will form in New York.Stock
A certificate that signifies ownership of part of a corporation. See “Securities.”Subscribed Will
To add a signature at the end of a written will in front of a witness.Succession
The act of transferring the rights and obligations of a decedent’s estate to an heir or heirs.Successor Trustee
A trustee who succeeds the original trustee in priority. This person is usually appointed by the court.Support Trust
A trust formed to provide for the needs of the beneficiary, including clothing, food, and shelter.Survivor’s Trust
This trust divides the estate into two trusts upon the demise of one spouse. The first trust, a bypass trust, holds the decedent’s assets, while the second trust, the survivor’s trust, holds the living spouse’s assets.Survivorship Insurance
An insurance policy that covers a couple and becomes active when both of them have passed away. It doesn’t pay any benefit when only a single policyholder dies.Small Estate
An asset whose value is less than $50,000.Spousal Allowance
See “Family Allowance.”T
Take
To inherit; to acquire assets through inheritance.Tangible Personal Property
Personal assets that are physical in nature, such as tools, cars, and equipment.Tax Allocation Clause
A document that directs the executor, telling them who is responsible for the estate taxes.Tax Apportionment
The allocation of taxes to different parties that have an interest in the estate.Tax Deferral
The postponement or delay in paying taxes on the estate to a future period.Taxes
A levy made by the federal government to pay for services provided to its citizens.Tenancy By Entirety
A form of occupancy where both partners act as a sole legal unit, meaning that the assets are protected from verdicts against a single spouse’s share of the estate.Tenancy In Common
A form of asset ownership by multiple people without any survivorship element. Each tenant’s portion can be transferred under a will.Terminal Interest
An interest in property that ends when a certain time elapses or when a specific event occurs/fails to occur.Terrorem Clause (Latin for “about fear”)
A legal threat that compels beneficiaries from contesting the will by imposing a penalty or forfeiture.Testamentary Capacity
The legal and mental ability of a person to make a will that will be admissible in court. The maker needs to be 18 years or older and have two witnesses present for the process.Testamentary Disposition
The transfer of property, which takes effect the moment the owner of the property passes away.Testamentary
Pertaining to the will.Testamentary Trust
A trust that is established through a will and takes effect the moment the will-maker passes away.Testate
Denotes passing away with a valid will.Testator (Male) Or Testatrix (Female)
The will-maker.Third-Party
A legal term that denotes any person who doesn’t have a direct connection to a legal transaction or may not be affected by it.Title
A document that indicates ownership of property.Totten Trust
A bank account under your name for which you have named a beneficiary. The money is transferred to the beneficiary automatically upon the death of the account holder.Transfer Of Property
The act of transferring the title of property from one person to another.Transfer Tax
A tax imposed on the passing of a title from a will-maker to a beneficiary.Transferable On Death
Designation attached to securities that allows the naming of an heir to receive the securities when the will-maker passes away. See “Payable On Death.”Trust Amendment
The act of changing specific provisions of a trust.Trust Beneficiary
The individual or persons for whose benefit a trust is created.Trust Drafter
The person who creates the draft document, usually an attorney.Trust Protector
A person who has the right to perform certain special duties regarding the trust.Trust Restatement
A total revision of the trust’s provisions.Trustee
An individual or financial entity given the powers to administer a trust. There can be more than one trustee (co-trustees). An individual can have an entity as a co-trustee.Trust
An agreement established through a written document to handle the management and distribution of assets. It involves a trustor, the trustee, and beneficiaries.Trustor
See “Grantor.”Terminal Condition
A physical condition that is incurable and in which death might occur at any time, usually within a year.U
Undivided Interest
An interest in property that is owned by tenants where each tenant has an equal right to the entire property.Undue Influence
Using improper influence to deprive a person of the freedom to make a choice, or substituting the person’s choice and putting your own in motion.Unified Credit
A credit that is applied to federal taxes that are relevant to large gifts and estates.Uniform Probate Code (UPC)
A comprehensive model of rules that unifies, clarifies, and updates the affairs of decedents and their properties.Uniform Transfers To Minors Act (UTMA)
Accounts held for minors until they attain the age of 21 years.Uniform Gifts to Minors Act (UGMA)
Accounts held under the UGMA for a minor until they attain 18 years of age.Unitrust
A discretionary trust that gives the beneficiary the right to income from the trust.Unlimited Marital Deduction
A provision in the US tax and estate law that allows the will-maker to transfer as many assets as they wish to their spouse at any time.V
Valuation
The act of determining the current value of a property. See “appraisal.”Valuation Date
The calendar date on which the value of the assets is determined.Verification
A written or oral statement that confirms that something is true, usually sworn under oath.Waiver
The intentional relinquishment or abandonment of a known right, claim, or privilege, either by express agreement or by conduct. A waiver can be implied or explicit and is often used in legal documents to indicate that a party is voluntarily giving up certain rights or claims.Will
A legal document that sets forth a person’s wishes regarding the distribution of their assets and the guardianship of their minor children after their death. A will is an essential part of estate planning and is used to ensure that a person’s wishes are carried out after their passing.Witness
A person who observes the signing of a legal document, such as a will or contract, and attests to its authenticity by signing as a witness. The presence of witnesses is often required to make a document legally valid.Withholding
The practice of deducting taxes or other amounts from an individual’s income or payment before it is given to them. Withholding is commonly used for income taxes, where employers withhold a portion of an employee’s wages and remit it to the government on their behalf.Year’s Support
A legal allowance provided to a surviving spouse or minor children to help maintain their standard of living for a period after the death of the deceased spouse or parent. Year’s support is meant to ensure that the family has the necessary financial resources during the initial stages of the probate process.W
Ward
A person for whose benefit a guardian has been appointed. The guardian is responsible for making decisions on behalf of the ward, who may be a minor or an incapacitated adult.Warranty Deed
A deed that guarantees that the grantor has full ownership of the title to the property and has the legal right to transfer it to the grantee. The warranty deed provides a promise to the grantee that the property is free from any encumbrances, except those explicitly stated in the deed.Whole Life Insurance
A type of life insurance policy that provides coverage for the entire lifetime of the insured individual. It also includes an investment component, allowing the policy to accumulate cash value over time.Widow’s Allowance
An allowance of personal property that a widow receives after the death of her husband. The purpose of the allowance is to meet the immediate financial needs of the widow during the probate process.Will
A written document that disposes of the property of the will-maker upon their death. It also names executors and trustees and designates guardians for minor children or legally incapacitated adults.Will Contest
Litigation that contests the validity of a will in a court of law. The contest is brought against the document itself, challenging its legitimacy or claiming that it was executed under undue influence or lack of testamentary capacity.Witness
A person who personally observes a process, event, or signing of a legal document and testifies to what they have seen, observed, heard, or learned. In the context of wills, witnesses are often required to attest to the validity of the will’s execution.Waiver
The intentional relinquishment of a legal right, claim, or privilege. In the context of estate planning, a waiver may be used to give up certain rights or benefits voluntarily, such as waiving the right to contest a will or waive certain distributions from a trust.Y
Year’s Support
– Also known as “Year’s Maintenance” or “Year’s Allowance,” it is a statutory provision in some jurisdictions that allows a surviving spouse or dependents to receive a specific amount of support from the estate of the deceased for a period following their death.Yield
– In the context of estate investments, “yield” refers to the income generated from an investment property, such as rental income or dividends.Z
Zoning Laws
– Local regulations that dictate how land within a specific area can be used. Zoning laws may designate areas for residential, commercial, industrial, or agricultural purposes, among others. These laws can impact estate planning and property usage.Zoning Variance
– A special permission or exception granted by a local zoning board that allows a property owner to use their land or property in a way that would not typically comply with the existing zoning regulations.For more on our Florida practice, see our overview of estate planning in Palm Beach. Morgan Legal Group's affiliated New York office also handles New York elder law.