Estate Planning Terminology

Question 0

Person appointed by the court to look out for the best interest of the child during the course of legal proceedings.

Answer 0

Guardian Ad Litem

Question 1

When a gift falls or goes away. When ademption occurs, the estate is not liable for the value of the gift to the intended beneficiary.

Answer 1

Adeem

Question 2

A person named in a will to receive specified property.

Answer 2

Beneficiary

Question 3

A testator giving personal property.

Answer 3

Bequeath

Question 4

A supplement or addition to a will. This has the same execution requirements as a will.

Answer 4

Codicil

Question 5

Property owned in common by a husband and wife where each spouse owns an undivided one half interest in the community property.

Answer 5

Community property

Question 6

A testator giving real property.

Answer 6

Devise

Question 7

Deny interest in or connection with; refuse to accept a testamentary gift from the estate.

Answer 7

Disclaim

Question 8

The location where you have both physically resided and formed an intent to return to permanently, to the exclusion of any other domicile.

Answer 8

Domicile (for military members)

Question 9

The residence where you have your permanent home or principal establishment and to where, whenever you are absent, you intend to return.

Answer 9

Domicile (for civilians)

Question 10

Appoints another person to make healthcare decisions should the client become incapacitated and unable to make decisions on his/her own.

Answer 10

Durable springing power of attorney for healthcare

Question 11

All the possessions of one who has died that are subject to probate administration and distribution to heirs and beneficiaries.

Answer 11

Estate

Question 12

Actual signing and notarizing of a will according to procedural requirements of applicable law.

Answer 12

Execution

Question 13

A person named by the testator/testatrix who is responsible for administering the estate upon death.

Answer 13

Executor/Executrix

Question 14

To clear of an accusation; to relieve from an obligation or duty.

Answer 14

Exonerate

Question 15

A person acting primarily for another’s benefit in confidence, good faith, prudence, and fair dealing, such as a trustee or executor.

Answer 15

Fiduciary

Question 16

A person lawfully vested with the power and charged with the duty of taking care of and managing the person and/or property of another whom, because of status, age, understanding, or self-control, is determined to be incapable of administering their own affairs.

Answer 16

Guardian

Question 17

Also known as a living trust, this trust begins at the time of execution of the trust instrument, during the life of the trustor. It can entail the distribution of assets to the beneficiary during and after the trustor’s lifetime.

Answer 17

Inter-vivos trust

Question 18

All persons who have descended from a common ancestor.

Answer 18

Issue

Question 19

States a person’s desires regarding the termination of life support in the event of a terminal, incurable medical condition, during which the person is in capable of competently communicating their desires.

Answer 19

Living will

Question 20

Instrument that is prepared with testamentary intent in accordance with AFI 51–504 and: (1) is executed in accordance with 10 USC 1044d by a person, as a testator, who is eligible for military legal assistance; (2) makes a disposition of property of the testator; and (3) takes effect upon the death of the testator.

Answer 20

Military testamentary instrument

Question 21

The property shall be distributed in equal shares among the living descendants who are at the same level of relationship to the testator to the exclusion of all others, i.e., all living children, or all living grandchildren if there are no surviving children.

Answer 21

Per capita

Question 22

The property shall be distributed in equal shares among the children, with the issue of deceased children dividing their deceased parent’s share equally.

Answer 22

Per stirpes

Question 23

The portion of the estate that is not otherwise devised or bequeathed, or used to pay debts and administrative expenses.

Answer 23

Residuary estate

Question 25

A trust that is funded with specific assets or a specific amount of assets from the estate.

Answer 25

Pre-residuary trust

Question 27

All intangible and tangible property that is movable and thus not real property.

Answer 27

Personal property

Question 28

Land and everything that is permanently affixed to land, such as, structures and the fixtures within structures.

Answer 28

Real property

Question 29

Is a notarized, written declaration signed by each witness and the testator/testatrix that attests to the circumstances under which the will was executed.

Answer 29

Self proving affidavit

Question 30

When a trustor creates more than one trust, and each trust has different beneficiaries. Typically, there would be one trust for each beneficiary. Separate trusts may have different trustees.

Answer 30

Separate trusts

Question 31

When a trustor creates one trust, with pooled assets for all of the beneficiaries, and with one trustee.

Answer 31

Single trust

Question 32

A trust that is designed in accordance with law to ensure that the existence of the trust does not eliminate the trust’s beneficiary from eligibility for government provided healthcare assistance.

Answer 32

Supplemental needs trust

Question 33

Relating to a will or given by a will.

Answer 33

Testamentary

Question 34

A trust created in the deceased’s will.

Answer 34

Testamentary trust

Question 35

A person who makes a will.

Answer 35

Testator/Testatrix

Question 36

A right of property created by the trustor, and held by the trustee, for the benefit of at least one beneficiary.

Answer 36

Trust

Question 37

The individual who is responsible for holding and keeping the trust property for the benefit of the beneficiaries.

Answer 37

Trustee

Question 38

The individual who established the trust, who transferred the property into the trust.

Answer 38

Trustor

Question 39

That a person can be represented in a legally binding manner by other’s decisions. This legal process is used for minors and others who are legally incapable of making decisions.

Answer 39

Virtual representation