| Here is a brief description of terms used for estate planning purposes. |
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WILL: an expression of a person's intention concerning the disposition of his or her property at death. |
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ESTATE: all real and personal property a person owns at the time of his/her death. |
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TESTATOR/TESTATRIX: a person who makes a Will. |
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EXECUTOR/EXECUTRIX: the person or entity named in the Testatrix/Testator's Will who administers the Estate. |
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CODICIL: a will that modifies or partially revokes an existing or earlier will. |
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PROBATE: the act of judicially approving the Will, or otherwise settling one's
Estate. |
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TRUST: an agreement where property is held for one party for the benefit
of another. |
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SETTLOR
or GRANTOR: the creator of a Trust. |
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TRUSTEE: an agent of the Settlor/Grantor who holds the property for the benefit
of the Beneficiary. |
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BENEFICIARY: one who receives benefit of the property in a Trust. |
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HEALTH CARE DIRECTIVE/POWER
OF ATTORNEY FOR HEALTH CARE: a special power of attorney that
appoints an agent to make medical decisions on one's behalf when they
are unable. |
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LIVING WILL/ADVANCE MEDICAL DIRECTIVE: a document witnesses by two competent witnesses stating whether one wants life-sustaining treatment withheld or withdrawn when in a permanent unconscious condition. |
