A person legally vested with the right of administration (the performance of executive duties) of an estate.
Someone who helps a person or organization by giving or donating money to them.
A person or other legal entity who receives money or other benefits from a benefactor. For example, the
person designated to receive the income of an estate that is subject to a trust.
One to whom a debt is owed. Aperson or entity to which money or goods are due.
Someone who has died.
The person appointed by a testator to execute a will.
Someone legally appointed to manage the affairs of a minor or manage the affairs of a person not capable of acting for himself/herselfor is not of sound mind.
Healthcare Power of Attorney
The legal transfer of the authority to make medical decisions on behalf of another person. That is, health care power of attorney gives the designee (called an agent) the ability to determine what medical procedures may be done on the principal in the event of the principal’s incapacitate. For example, one may designate health care power of attorney to a relative in case one develops Alzheimer’s disease and is unable to make these decisions oneself.
One who acquires property upon the death of another, based on the rules of descent and distribution, namely being the child, descendant or other closest relative of the departed. It has also come to mean anyone who “takes” (receives something) by the terms of a will.
A person who dies without having made a will.
Property owned by a person that is NOT real estate, but is consisting of movable articles both tangible, such as jewelry and furniture, and intangible, such as stock and bonds.
An individualwhom another has trusted to manage his/her property and money. When a person dies, a personal representative generally is required to settle the decedent’s financial affairs. In some instances, a living person may need a personal representative; for example, a minor might need a personal representative to make legal decisions for him/her.
Personal representatives can be appointed by a court, nominated by will, or selected by theperson involved. Their duties are performed under the supervision of probate courts, which are governed by state law.
Also known as real estate. This includes land, buildings, and their structural components.
A person who has died leaving a valid will.
A relationship created at the direction of an individual, in which one or more persons hold the individual’s property subject to certain duties to use and protect it for the benefit of others.
Individuals may control the distribution of their property during their lives or after their deaths through the use of a trust. There are many types of trusts and many purposes for their creation. A trust may be created for the financial benefit of the person creating the trust, a surviving spouse or minor children, or a charitable purpose
A person, usually a minor, under the care and control of a guardian appointed by their parents or a court.
A document in which a person specifies the method to be applied in the management and distribution of his/her estate after his/her death.
A will is the legal instrument that permits a person, the testator, to make decisions on how his estate will be managed and distributed after his death. At Common Law, an instrument disposing of personal property was called a “testament,” whereas a will was an instrumentdisposing of real property. Over time the distinction has disappeared so that a will, sometimes called a “Last Will and Testament,” disposes of both real and personal property