The total collection of a person’s assets—including property, financial accounts, and personal belongings—that are owned at the time of death.

A legal document that outlines how a person’s assets should be distributed after death. It also allows the individual to name guardians for minor children and an executor to carry out their wishes.

A legal arrangement in which a trustee holds and manages assets on behalf of a beneficiary or multiple beneficiaries. Trusts can avoid probate and offer more control over asset distribution.

A type of trust that can be altered or revoked by the grantor during their lifetime. It allows assets to bypass probate and can provide for the management of assets if the grantor becomes incapacitated.

A trust that cannot be modified or revoked after it is created. Assets placed in an irrevocable trust are generally not subject to estate taxes and creditors’ claims.

The legal process of validating a will and distributing an estate after death. It involves paying debts, filing taxes, and distributing assets according to the will or state law if no will exists.

The person or institution named in a will to administer the estate. The executor is responsible for managing the estate’s assets, paying off debts, and ensuring the terms of the will are carried out.

An individual or entity named in a will, trust, or financial document to receive assets from the estate. Beneficiaries can be family members, friends, charities, or other organizations.

A legal document that allows an individual (the principal) to appoint another person (the agent) to manage their financial or legal matters if they are unable to do so themselves.

A type of power of attorney that remains in effect if the principal becomes incapacitated. It grants the agent authority to continue managing the principal’s affairs, including financial decisions.

A legal document that specifies a person’s medical treatment preferences in case they are unable to communicate their decisions. It also allows the appointment of a healthcare proxy to make decisions on their behalf.

A person designated to make healthcare decisions for an individual if they are unable to communicate or make decisions for themselves. This is often part of an advance healthcare directive.

A person appointed by a will or court to care for a minor child or an incapacitated adult. The guardian is responsible for the individual’s personal and financial well-being.

A tax imposed on the transfer of a deceased person’s estate to their beneficiaries. This tax is levied on the total value of the estate before distribution.

A tax applied to the transfer of assets from one person to another during the giver’s lifetime, without receiving anything of equal value in return. The gift tax has annual exclusions, meaning up to a certain amount can be gifted tax-free.

A trust created during an individual’s lifetime, where they transfer ownership of assets into the trust. It allows for asset management during life and ensures assets bypass probate after death.

Dying without a valid will. When a person dies intestate, state laws determine how their assets will be distributed, often prioritizing close family members.

The person who creates a will, specifying how their assets should be distributed upon their death.

An individual or institution responsible for managing the assets held in a trust on behalf of the beneficiaries, according to the terms of the trust agreement.

A type of will that transfers any remaining assets into a living trust upon the death of the individual, ensuring that assets not initially included in the trust are covered.

The legal body responsible for overseeing the distribution of an estate, ensuring that debts are paid and assets are distributed according to the will or state law if no will exists.

A legal document issued by the probate court giving the administrator the authority to manage the estate of a deceased person who did not leave a will.

A court-appointed arrangement in which a person (the conservator) is given authority to manage the financial and/or personal affairs of an incapacitated individual (the conservatee).

An individual or institution entrusted with the responsibility to act in the best interest of another person, such as an executor, trustee, or agent under a power of attorney.

A tax provision that allows inherited assets to be revalued at their fair market value at the time of the decedent’s death, reducing capital gains taxes when the asset is sold.
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