Clear explanations of legal and planning terms you’ll see in estate documents, organized for quick reference.

A joint trust for married couples that splits at the first spouse’s death into two shares: the A (survivor’s) trust and the B (bypass/decedent’s) trust.

A person or entity entitled to receive benefits or inherit from an estate or trust.

A legal document that proves a trust exists and confirms the trustee’s authority—without disclosing full trust terms.

A written addition or amendment to a will.

A “catch-all” assignment that places broad categories of property (e.g., personal belongings, digital assets, miscellaneous rights) into a trust.

It does not replace retitling assets that require formal transfer (e.g., deeds, account ownership) into your trust. It serves as a safety net to make sure smaller or easily overlooked assets don’t get left out.

A court appointment authorizing a conservator to manage another person’s financial and/or personal affairs.

A person entitled to profit from an estate only upon the occurrence of a specific event, which is commonly when a primary beneficiary dies or refuses payment prior to the payout.

A deceased person.

Direct lineal heirs (including legally adopted): children, grandchildren, great-grandchildren, etc.

Does not include siblings, cousins, aunts, or uncles.

Everything a person owns and owes at death (real estate, accounts, investments, personal property, liabilities).

A tax assessed on the taxable estate before distribution to heirs.

In addition to federal estate taxes, some states also impose separate estate or inheritance taxes.

To sign and date a document with required formalities (e.g., witnesses, notarization) so it becomes legally effective.

The person or institution named in a will to carry out its instructions. Many states use Personal Representative as the formal term.

A federal tax assessed on gifts of money or property from one person to another that exceed the Annual Gift Tax Exclusion.

The person who creates a trust (also called trustor or settlor).

Property legally owned by a trustee for the benefit of one or more beneficiaries.

Dying without a valid will or estate plan. State law then controls who inherits and who administers the estate.

Lineal descendants.

Co-ownership where each owner holds an equal share of the property and, at one owner’s death, the share passes automatically to the surviving owner(s).

A legal document that specifies how a person’s property will be distributed after their death.
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A document stating medical treatment preferences if you cannot make decisions for yourself.

A federal rule allowing unlimited transfers between U.S. citizen spouses free of estate and gift tax.

A supplemental document used with a will or revocable trust to designate who receives specific tangible personal property (like jewelry, furniture, art, or collectibles) after the testator or grantor dies.

A will that directs any assets still titled in your name at death to be transferred (“poured over”) into your revocable trust.

Authority granted to a person to direct who ultimately receives certain property, within the limits set by the original document.

A document authorizing an agent to act on your behalf. Common types include Financial Power of Attorney and Health Care Power of Attorney; scope depends on the powers granted.

A distribution method where the descendants of a deceased beneficiary take that beneficiary’s share by representation. Often called per stirpes.

The court process for validating wills, appointing a personal representative, paying debts, and distributing property according to the will or, if none, state intestacy law.

The court that oversees estates, and in many states, guardianships/conservatorships and certain adoptions.

A trust you create during life that you can change or revoke. The grantor (often also the trustee) manages the assets while alive; at death, the successor trustee distributes according to the trust—generally without probate for assets properly titled to the trust.

A list attached to the trust identifying assets associated with the trust (e.g., real property details, accounts). It clarifies intent and helps administration but does not replace required retitling.

A trustee’s discretionary power to distribute income and/or principal among a class of beneficiaries in varying amounts over time.

The person or institution that takes over trust administration when the initial trustee can no longer serve.

The person or institution that manages trust property and carries out the trust’s terms for the beneficiaries.

Ideally, a trustee should be someone you know and trust.

The total amount an individual can transfer free of federal estate and gift taxes during life and at death.

As of 2025, the exemption is $13.99 million per person (or $27.98 million for a married couple).

Beginning in 2026, recent legislation—the One Big Beautiful Bill Act—permanently increases the lifetime exclusion to $15 million, adjusted annually for inflation.