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A person or entity (such as a charity) who will receive assets or benefits from your estate, trust, or life insurance policy.
Everything a person owns at the time of their death, including property, financial accounts, and personal belongings.
A legal document that specifies how a person's assets will be distributed after death and names guardians for minor children, if applicable.
A legal arrangement where a trustee holds and manages assets for the benefit of a beneficiary according to the terms of the trust document. Common types include revocable living trusts and irrevocable trusts.
The person or institution responsible for managing and distributing trust assets according to the terms of the trust.
The person named in a will who is responsible for settling the estate, including paying debts and distributing assets.
A legal document that allows someone to act on your behalf in financial or legal matters. It can be general or limited and can take effect immediately or only if you become incapacitated.
A document that designates someone to make healthcare decisions on your behalf if you're unable to do so.
A document that outlines your preferences for medical treatment and end-of-life care if you’re unable to communicate your wishes.
The legal term for dying without a will. State laws will determine how your assets are distributed.
The legal process of validating a will and distributing assets under court supervision. This can be time-consuming and costly, which is why many people create trusts to avoid it.
A trust you can modify or revoke during your lifetime. It helps manage assets during life and avoids probate upon death.
A trust that cannot be modified or revoked once established. It can help reduce estate taxes and protect assets from creditors.
A legal document that includes instructions about your healthcare preferences, such as a living will and healthcare proxy.
A person appointed to care for minor children or dependents if both parents are deceased or incapacitated.
A type of POA that remains in effect even if you become incapacitated.
Taxes imposed on the transfer of assets after death, which can be federal or state-specific.
Taxes imposed on the beneficiaries who inherit assets. Not all states impose inheritance taxes.
A tax benefit where the value of inherited property is "stepped up" to its fair market value at the time of the owner's death, potentially reducing capital gains taxes when the asset is sold.
Property acquired during a marriage that is considered jointly owned by both spouses. (Applicable in certain states like California, Texas, etc.)
A legal document that amends or supplements an existing will.
A method of distributing an estate where descendants of a deceased heir inherit that heir's share. Commonly used in wills.
The person who creates and funds a trust.
The authority given to a person to decide how to distribute certain trust or estate assets.
A provision in a trust that protects a beneficiary’s inheritance from creditors or poor financial decisions.
A type of will that transfers (or “pours over”) any remaining assets into a trust upon death.
Combines a living will and a healthcare proxy to ensure your healthcare wishes are respected.
The process of transferring assets into a trust to ensure the trust controls them.
A trust that provides income to beneficiaries for a certain period, with the remainder going to a charity.
A document that allows designated individuals to access your medical records.
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