Dec 9, 2013 | Estate Planning Glossary, Glossary
A document authorized by statutes in all states in which a person appoints someone as his/her proxy or representative to make decisions on maintaining extraordinary life-support if the person becomes too ill, is in a coma or is certain to die. In most states the basic...Dec 9, 2013 | Estate Planning Glossary, Glossary
A trust created by a declaration of trust executed by the trustor or trustors (also called settlor or settlors) during his/her/their lifetime, as distinguished from a “testamentary trust,” which is created by a will and only comes into force upon the death...Dec 9, 2013 | Estate Planning Glossary, Glossary
The remaining estate of a person who has died, calculated by taking the value of all assets and subtracting all debts of the person who died, including funeral costs, expenses of administering the estate and any other allowable deductions. The federal estate tax...Dec 9, 2013 | Estate Planning Glossary, Glossary
A written document signed by a person giving another person the power to act in conducting the signer’s business, including signing papers, checks, title documents, contracts, handling bank accounts and other activities in the name of the person granting the...Dec 9, 2013 | Estate Planning Glossary, Glossary
Also called Estate Administration, the process of proving a will is valid and thereafter administering the estate of a dead person according to the terms of the will. The first step is to file the purported will with the clerk of the appropriate court in the county...Dec 9, 2013 | Estate Planning Glossary, Glossary
Dying with a will (a testament). It is compared to “intestacy,” which is dying without a will.