Administration - the process of handling the affairs of a deceased person's estate or a trust.

Administrator - The person appointed by the court to manage your estate when you die without leaving a will. Since they are court appointed, they are required to post a bond as security. They have the same duties as an executor.In some states, the position is called "personal representative."

Attorney-in-fact -The individual who is designated in the power of attorney document to act on behalf of another.

Beneficiary - a generic term that usually refers to a person or entity that is entitled to receive something, for example, a beneficiary of an estate or trust, or a beneficiary of life insurance or retirement benefits.

Claim - technically, this refers to funeral expenses, the debts of a deceased person, and expenses of administration.

Codicil - a written amendment to a will.

Community Property -Ten states (Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin) use some form of the community property system to determine the interest of a husband and wife in property acquired during marriage.

Conservator - an adult person or financial institution appointed by a court, who is responsible for a minor child's property until that child becomes an adult. In some states this position is referred to as "guardian of the estate."

Descent and Distribution - the laws that determine what will happen to property upon the death of a person if a person dies without a will. Sometimes referred to as the "laws of descent and distribution."

Devise - when used as a noun it refers to an inheritance under a will. When used as a verb, it means to dispose of property by will.

Devisee - a person or entity designated in a will to receive a devise.

Domicile - one's home or permanent residence. The laws of the state of a person's domicile determine what happens to that person's property at death.

Donee - the recipient of a gift. the recipient of a gift.

Donor - a person who makes a gift. This term is also used to refer to a person who establishes a living trust.

Durable Power of Attorney - A written legal document that lets an individual designate another person to act on his or her behalf, even in the event the individual becomes disabled or incapacitated.

Durable Power of Attorney for Health Care - A written legal document that gives another person the authority to act on your behalf with regard to your health care decisions.

Escheat - assigning property to the state when a person dies with no known beneficiaries or heirs.

Estate - this word has a number of meanings depending on the context in which it is used. : The property or assets you own or have rights to. Also commonly referred to as your possessions.For federal estate tax purposes, it refers to all of a deceased person's estate taxable assets. It is also used to refer to those items of property that are subject to probate (sometimes referred to as "probate estate").

Estate Planning - the process of arranging one's personal and financial affairs.

Executor - This is the person you name to have authority to carry out the terms of your will. In some states, this person is also called your “personal representative” or “administrator.” This person will collect the property, pay any debt, and distribute your property or assets according to your will.

Fiduciary - comes from a Latin word meaning trust and confidence. This is a generic term used to refer to a person (or entity) that serves in a representative capacity. Personal representatives, trustees, guardians, conservators, and agents under powers of attorney are all fiduciaries.

Grantor - in a trust context, this refers to a person that established a living trust. It is also used to refer to one who is transferring real estate in a deed.

Guardian - an adult person appointed by a surviving parent in his or her will or by a court, who is responsible for a minor child's personal care and nurturing.

Heir - one who inherits property from the estate of a deceased person who died without a will.

Intangible Personal Property - property rights which one can't physically touch. This type of property may have some paper associated with it. For example, a bank account is represented by a passbook, and it is the right to the money on deposit. This type of property usually includes items like stock, bonds, mutual funds, bank accounts, and cash.

Intestacy, Intestate - The term applied when an individual dies without a will.

Issue - means not only a person's children, but also any grandchildren and great grandchildren (i.e., all of the per­son's direct descendants).Legally adopted children and grand­children are included, unless the will expressly excludes them.

Irrevocable Trust - a trust that can no longer be amended or revoked by anyone. Most revocable trusts become irrevocable at some time, for example, when the person who established the trust dies.

Joint Tenancy with Right of Survivorship - A title that can be placed on property that is co-owned. At the death of one of the co-owners, the other will become the sole owner of the property, regardless of what may be conveyed in the will.

Living Trust - a trust that one establishes during one's lifetime which is not part of one's will, but is usually established by a separate written trust agreement. The same as "inter vivos trust."

Living Will - A legal document directing that the maker's or signer's life is not to be artificially supported in the event of a terminal illness or accident.

Marital Deduction - A deduction allowing for the unlimited transfer of any or all property from one spouse to the other generally free of estate and gift tax.

Minor Child - A person who has not yet reached the legal age of majority. This age can differ with each state, but generally is between 16 and 18 years. The term does not apply to an emancipated youth.

Personal Representative - the person or financial institution that is appointed by the court to administer a probate estate.

Per Stirpes - describes the way a bequest is to be divided among a person's issue.Most people want bequests to their children to be divided equally among the children.A per stirpes distribution does this, and it also governs what happens if any child has died.If a child has died, his (or her) share is divided among his issue if he has any issue.For example, presume that you have three children (Sue, Sally and John) and that your will provides for a bequest to your children per stir­pes.If all three children survive you, each would get one third of the property.If, however, John has died, his one third share would be divided among his children if he had any, or if he had no living issue his one third share would pass to Sue and Sally.

Power of Attorney - A written legal document that gives an individual the authority to act for another.

Probate - The review or testing of a will before a court of law to ensure that it is authentic.Includes such things as identifying and valuing assets, paying claims and taxes, and distributing the remaining assets to the persons entitled to those assets.

Probate Estate - this usually refers to those assets that are subject to probate, usually those assets that were in the name of the deceased person only. Sometimes these assets are also referred to as "probate assets." Assets owned jointly with a surviving joint owner, life insurance proceeds, and retirement plan proceeds payable to a named beneficiary other than the estate are normally not part of the probate estate.

Property - Everything you own. This can range from real estate to stocks, jewelry, cars, collectibles, clothes and every other item you own.

Representative - Someone who is authorized to act on your behalf, such as an executor or a trustee.

Revocable Living Trust - a living trust or inter vivos trust that can be amended and revoked, usually by the person who established the trust. This trust may become irrevocable and unamendable when the only person who can amend or revoke the trust dies or becomes incompetent.

Tangible Personal Property - property that you can touch, like cars, dishes, jewelry, tools, guns, sporting equipment, etc.

Testamentary Trust - a trust that is part of a person's will.

Testate - refers to dying with a will.

Testator - a person who makes a will.

Trust - an arrangement, usually established by a written document, to provide for the management and disposition of assets. It normally involves three parties: the person who establishes the trust (sometimes called a donor, grantor, settlor, or trustor), a trustee, and one or more beneficiaries.

Trustee - an adult individual or financial institution that is designated to be responsible for the administration of a trust. There may be more than one trustee (co-trustees), and an individual and a financial institution may serve as co-trustees.

Will - a written document which disposes of one's property at death. May also be used to express burial and funeral instructions, make anatomical gifts and designate a guardian and conservator for minor or incompetent children.