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A legal document that outlines how a person's assets should be distributed after their death. It's important to ensure one's wishes are fulfilled and to minimize disputes among heirs.

A fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. Trusts can avoid probate and provide more control over asset distribution.

The legal process of validating a will and distributing assets under the supervision of a court. It is important because it provides a legal framework for the distribution of estates.

A legal document authorizing one person to act on another's behalf in legal matters or financial transactions. It's important for delegating control in case of incapacitation.

The individual appointed to administer the decedent's estate according to the terms of the will. They play a crucial role in ensuring the will is carried out as written.

A legal process by which a court appoints a guardian to care for an individual who is unable to make decisions for themselves. It's important for the protection of those who cannot care for themselves.

A person or entity entitled to receive benefits from a will, trust, retirement account, or life insurance policy. Designating beneficiaries is key to directing assets to the intended recipients.

The condition of an estate of a person who dies without a will. State laws then dictate how the assets are distributed, which may not align with the deceased's wishes.

A tax levied on an individual's estate after their death if the estate exceeds certain thresholds. Planning can reduce or eliminate the impact of these taxes on an estate.

A federal tax applied to an individual giving anything of value to another person. For certain large gifts, the tax can be avoided or reduced by using the annual exclusion or lifetime exemption.

The amount of money or property that can be given to each recipient within a single year without incurring gift tax. It is adjusted periodically for inflation.

A form of property ownership where two or more individuals hold title with the right of survivorship. Upon death, the deceased's share is automatically transferred to the surviving owner(s) without probate.

A special form of joint ownership between spouses that provides survivorship rights and protects the property from the claims of creditors of one spouse. Only available to married couples in some states.

An individual who is legally entitled to inherit some or all of the estate of another person who has died without leaving a will. They are designated by law rather than chosen by the decedent.

The person who has made a will or given a legacy. The testator's intentions are crucial in guiding the distribution of their assets after death.

A legal document specifying a person's wishes regarding medical treatment in circumstances where they are no longer able to express informed consent. It's essential for end-of-life care decisions.

A legal document appointing someone to make medical decisions on behalf of another person in the event they are incapacitated. This ensures decisions align with the individual's wishes.

A legal document that modifies, deletes, or adds to the content of an existing will. It allows for changes without the need to draft a new will entirely.

A person or firm that holds and administers property or assets for the benefit of a third party. A trustee must act in the best interest of the beneficiaries, known as a fiduciary duty.

A tax paid by a person who inherits money or property of a person who has died, depending on the value of the inheritance. It differs from estate tax in that it is paid by the beneficiaries, not the estate.

The readjustment of the value of an appreciated asset for tax purposes upon inheritance. The heirs' basis in the asset is increased to the current market value at the time of inheritance.

A form of ownership by husband and wife during their marriage that they intend to own together. In community property states, each spouse has a one-half interest in the property.

A property interest that lasts for the life of the holder. Upon the holder's death, the property passes to the remainderman named in the conveyance document.

The person who inherits or is entitled to inherit property upon the termination of the life estate of the life tenant. Their interest is a future interest that is realized after the death of the life tenant.