Key Estate Planning Terms
Start with these foundational concepts
Will
A written legal document that states how you want your property and assets distributed after you die. A will can also name guardians for min...
Trust
A legal arrangement where one person (the trustee) holds and manages property for the benefit of another person (the beneficiary). Trusts ca...
Probate
The legal process through which a court validates a will and oversees the distribution of a deceased person's assets. Probate can be time-co...
Power of Attorney
A legal document that gives another person the authority to act on your behalf in financial or legal matters. The person you appoint is call...
Estate Tax
A tax on the total value of a deceased person's assets before they are distributed to heirs. The federal estate tax only applies to estates ...
Living Trust
A trust created during your lifetime (as opposed to one created by your will after death). Living trusts help your estate avoid probate beca...
Beneficiary
A person or organization designated to receive assets from a will, trust, life insurance policy, retirement account, or other financial arra...
Executor
The person named in a will to carry out the instructions in the will and manage the estate through the probate process. Also called a person...
Browse by Category
Explore terms organized by topic
📜 Wills & Testaments
Documents that direct how your property is distributed after death. (20 terms)
🏦 Trusts
Legal arrangements where a trustee holds and manages assets for beneficiaries. (15 terms)
⚖ Probate & Administration
The court-supervised process of settling a deceased person's estate. (19 terms)
✍ Power of Attorney & Directives
Documents that authorize someone to act on your behalf or express your healthcare wishes. (10 terms)
💰 Tax Planning
Strategies and tools to minimize estate, gift, and inheritance taxes. (13 terms)
🏥 Elder Law & Medicaid
Legal issues affecting older adults, including Medicaid eligibility and long-term care planning. (3 terms)
Compare State Laws
See how estate planning rules differ across states