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

A joint trust created by a married couple. When one spouse dies, it splits into two: the survivor’s portion (A trust) and the decedent’s portion (B trust, also called the bypass trust).

A person (or entity) entitled to profit, benefit, or inherit from an estate.

A legal document that can be used to certify both the existence of a Trust, as well as to prove a Trustee's legal authority to act—without disclosing all trust details.

A written addition or amendment to a will.

A “catch-all” legal assignment used in trust planning. It transfers broad categories of property—like personal belongings, digital assets, or miscellaneous rights—into your trust.

It's not a replacement for retitling specific assets like deeds or bank accounts into your trust, but it serves as a safety net to make sure smaller or easily overlooked assets don’t get left out.

A formal proceeding in which the court appoints a conservator to act on behalf of another person in business and personal matters.

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 bloodline heirs (or legally adopted): children, grandchildren, great-grandchildren, etc. Does not include siblings, cousins, aunts, or uncles.

Everything owned and owed by a person at death, such as real estate, bank accounts, investments, and personal property.

A tax applied to the overall value of a deceased person’s estate, assessed before assets pass to heirs or beneficiaries. In addition to federal estate taxes, some states also assess a state-level estate tax.

To execute a document means to formally sign and date it in order to make it legally effective and enforceable. Depending on the type of document, it may also require notarization or witnesses.

The person or institution named in a will to carry out its instructions.

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 the trustor or settlor).

A right of property, real or personal, held by one party for the benefit of another.

When a person dies without having created a valid will or trust.

Lineal descendants.

A type of co-ownership where property is owned equally by two or more people. When one owner dies, their share passes automatically to the survivor(s).

A legal document that specifies how a person’s property will be distributed after their death.

A written document that outlines medical treatment preferences if someone can no longer make their own healthcare decisions.

A U.S. tax provision that allows spouses to transfer unlimited assets to each other without paying federal estate or gift taxes, as long as the receiving spouse is a U.S. citizen.

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. It cannot transfer real estate, money or financial accounts, business interests, or intangible property.

A legal document that directs any property not already titled in a revocable trust to be transferred into the trust at death.

A legal authority that lets a person decide who will receive specific property, usually from a trust or estate. This power allows them to appoint beneficiaries according to the rules set by the original owner.

A legal document that appoints someone (an agent) to act on another's behalf. Powers may cover handling financial matters, health decision making, signing documents, or managing property, depending on the powers you grant in the document.

A rule allowing the children (or other descendants) of a deceased beneficiary to inherit the share their parent would have received if they were still alive, divided among them.

The legal process for validating wills and administering estates. In general, property is distributed according to the decedent's Last Will and Testament, if there is one, or according to state law if no Will exists.

The legal system established to administer the estates of descendants and oversee the adoption and guardianship of minors.

A legal entity created to hold ownership of a person's (known as the grantor) assets and describe how and to whom those assets are to be distributed when the grantor passes away.

The grantor—who often serves as trustee—manages the assets during their lifetime and can modify or revoke the trust at any time.

A list that identifies assets to be transferred to the Trust. It should include real property and financial account information.

The power vested in a trustee to distribute income to others over time.

An individual who gains the authority to manage a trust after the death or resignation of a trustee.

A person appointed to manage a trust. A successor trustee typically takes control only when the grantor can no longer do so. The trustee ensures that trust assets are distributed to beneficiaries according to the trust’s terms.

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

The amount an individual can transfer free of federal estate and gift taxes, both during life and at death. As of February 2025, the credit is $13.9 million per person, or $27.9 million for a married couple.