Glossary of Estate Planning Terms
May 11, 2024 – Matthew S. Akers & Douglas McCarthy
- Beneficiary: The person or entity who receives property in accordance with a will, trust, insurance policy, retirement account, or other third-party beneficiary contract.
- Estate Tax: A tax on the transfer of property after death. This is levied by the state and/or federal government. An estate has the obligation to pay estate tax.
- Marital Deduction: An unlimited gift tax deduction or estate tax deduction. This type of tax law allows an individual to give assets to his or her spouse with reduced or no tax imposed upon the transfer.
- Power of Appointment: The power granted to a person allowing him or her to dispose or designate who is to receive certain property under the will.
- Probate: The judicial process which determines the validity of a will in a court of law and the martialing and distribution of the deceased’s estate.
- Trustee: The individual or entity that acts as the legal owner of the trust assets. They are responsible for handling any of the assets held in trust, tax filings, and distribution of the assets according to the instructions of the trust.
- Will: A legal document that identifies where your assets should be distributed after your death. This also gives you the ability to nominate guardians for dependent children. Without a will, the courts determine what happens to your assets and decides the legal responsibility for your kids.
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