Estate Planning – Terms


Last Will & Testament – Terms and Definitions

Will: A legal document that dictates the rights and distribution of the person’s (the testator) property or family after death. A Will is also known as a Last Will and Testament.

Testator: The person making the Will

Estate: All of the real and personal property owned by the person at the time of death.

Real Property: Land and improvements located on the land, oil, gas and mineral rights.

Personal Property: All property other than real property including cash and bank accounts, household furnishing, motor vehicles, stocks and bonds, life insurance policies and government, retirement or employee benefits.

Probate: The legal process of settling the estate of a deceased person.

Bequest: A gift in the form of personal property.

Executor: The person that is designated to administer the estate according to the whished outlined in the will. An executor is also known as a personal representative.

Legal Guardian: The person that has the legal authority and responsibilities to care for minor children after the death of parents.

Codicil: An amendment to a will

Intestate: A person that has NOT created a will prior to death is said to be intestate.

Testate: A person that HAS created a will prior to death is testate.

Living Will: A legal document that expresses the wishes regarding medical decisions to be executed when the author is incapacitated and unable to act on their own behalf.

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