What are the technical terms one should know while opting for estate planning?

Share This Post

What are the technical terms one should know while opting for estate planning?

What is Estate planning?

Estate planning is deciding who will get your assets, estate, and personal belongings upon death. This includes deciding how much of your assets or property you want to give to each beneficiary. While planning your estate, you can also name the person who’ll manage your resources and assets and can have power of attorney both financially and health-wise. 

This person can make decisions on your behalf and is ultimately responsible for taking care of your assets. One can plan an Estate with the help of an attorney who specializes in Estate law and has experience while doing Estate planning. Now, let’s understand some technical terms of estate planning that you should know. 

Technical terms related to estate planning that you should know

Technical terms one should know while opting for estate planning include:

Estate

This refers to all the inventory, assets, properties, and other personal belongings such as bank accounts, insurances, and financial investments that a person has entitled to own at the time of his passing or incapacitation.

Executor

A person assigned by the signer is known as Executor. He will be responsible for executing the instructions written in the will. As well as managing the assets and properties, the executor was responsible for distributing them to the beneficiaries.

Beneficiaries’ roles

This person or entity receives the assets or properties mentioned in the will or trust.

Will as important terms

Will is a legal document that intends to declare how one wants his personal belongings, properties, and assets to be distributed. It also specifies to whom after their demise. 

And the list of important technical terms of estate planning will go as: 

Trust 

Trusts are the legal entity that will assume ownership of or own some assets after a certain triggering event. A trust involves information on how assets in the trust should be handled and distributed.

Testator

The person signing the drafted will and transferring their property and assets is known as Testator.

Trustee 

A person or institution is responsible for managing and distributing the assets as per the instructions in the trust.

Grantor

A Grantor is a person transferring his estate through a trust.

Probate 

Probate is the legal process by which a probate court distributes the assets and the properties of the estate of a deceased according to state laws. 

Advance directive

This is a document in which a person expresses his wishes regarding medical treatment in case of incapacitation. It acts as medical power of attorney.

Intestate 

Having not make a legal and valid will before his death.

Deed

One signs a legal document and deliverss regarding the ownership of property or legal rights.

Living trust 

It is a legal arrangement that allows someone to give their assets to a trust while they’re still alive but also allows them control over these assets.

Testamentary trust 

A testamentary trust is a kind of legal arrangement that takes place upon the death of an individual. 

Guardian 

A person legally responsible for taking care of someone who is either a minor or has some disability can’t take care of himself. You can appoint a Guardian for your children or pets in your estate planning documents.

Inheritance 

It refers to passing on assets and properties from one generation to the next. Generally, this happens after the death of the person.

Incapacitated 

A person unable to manage his affairs is known as incapacitated.

Power of Attorney 

Power of Attorney refers to a person or an agent you can assign to act on your behalf. This gives the person the legal authority to manage your finances, property, real estate, or any other financial transaction on your behalf. This type of PoA is revocable till the person who chooses the PoA is mentally and physically capable of doing so.

Fiduciary 

This is a person responsible for managing the assets for the benefit of another person and who himself gets no benefit from the Management of the assets.

Conclusion  

Through this article, you will become more aware of the technical terms of estate planning that you should know, and thus you will become more familiar with the terms and meaning of these technical terms. 

More To Explore

Subscribe to our Newsletter

legal will Long Island lega lwill New York legal will NYC legal will Queens legal will Staten Island living trust Brooklyn living trust Long Island living trust New York living trust NYC living trust Queens living trust Staten Island medicaid trust Brooklyn medicaid trust Long Island medicaid trust New York medicaid trust NYC medicaid trust Queens medicaid trust Staten Island New York estate planning legal New York probate lawyers NYC guardianship lawyer probate attorney Dutches county probate attorney Kings county probate attorney Nassau NY probate attorney Orange county probate attorney Putnam county probate attorney Queens probate attorney Rockland probate attorney Suffolk probate attorney Sullivan county probate attorney Ulster county probate Brooklyn lawyer probate lawyer Kings county probate lawyer Long Island probate lawyer Nassau probate lawyer Queens probate lawyers New York probate lawyers NYC probate lawyer Staten Island probate lawyer Suffolk probate lawyers Ullivan county probate New York attorneys probate New York lawyer probate NYC lawyer probate NYC lawyers probate property attorney probate property lawyer revocable trust Brooklyn revocable trust Long Island lawyers directory NY revocable trust New York revocable trust NYC revocable trust Queens revocable trust trust Bronx will attorney Brooklyn will attorney Long Island will attorney New York will attorney NYC will attorney Queens will attorney Staten Island will lawyer Brooklyn will lawyer Long Island guardianship lawyer Brooklyn guardianship lawyer Long Island guardianship lawyer New York Estate Planning Lawyer NYC guardianship lawyer Queens guardianship lawyer Staten Island near me dental Near Me Lawyers will lawyer New York will lawyer NYC will lawyer Queens will lawyer Staten Island wills and trusts Bronx Wills and trusts Brooklyn wills and trusts Long Island wills and trusts New York wills and trusts NYC wills and trusts Queens wills and trusts Staten Island wills Brooklyn wills Long Island wills New York wills Staten Island estate planning lawyers NYC probate New York lawyers trust and estate law firms estate planning attorneys Brooklyn estate planning lawyers Brooklyn estate planning Brooklyn estate planning New York attorney estate planning New York attorneys estate planning attorney Brooklyn estate planning New York lawyer estate planning New York lawyers guardianship attorney Brooklyn guardianship attorney Long Island guardianship attorney New York guardianship attorney NYC guardianship attorney Queens guardianship attorney Staten Island