Here is a brief description of terms used for estate planning purposes.
WILL: an expression of a person's intention concerning the disposition of his or her property at death.
ESTATE: all real and personal property a person owns at the time of his/her death.
TESTATOR/TESTATRIX: a person who makes a Will.
EXECUTOR/EXECUTRIX: the person or entity named in the Testatrix/Testator's Will who administers the Estate.
CODICIL: a will that modifies or partially revokes an existing or earlier will.
PROBATE: the act of judicially approving the Will, or otherwise settling one's
TRUST: an agreement where property is held for one party for the benefit
or GRANTOR: the creator of a Trust.
TRUSTEE: an agent of the Settlor/Grantor who holds the property for the benefit
of the Beneficiary.
BENEFICIARY: one who receives benefit of the property in a Trust.
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
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a document witnesses by two competent witnesses stating whether one wants life-sustaining treatment withheld or withdrawn when in a permanent unconscious condition.
Ingrid P. Larson-Alexander
Larson-Alexander Law LLC
519 S. Peabody Street, Suite 1
Port Angeles, Washington 98362