Glossary
Plain-language definitions connected to the deeper wills, trusts, tax, probate, beneficiary, and state-law system.
53 reference entries
A court-appointed personal representative who administers an estate when no executor is serving under a will.
Key idea: A court-appointed personal representative who administers an estate when no executor is serving under a will.
Read the complete guideA person authorized to act for another, commonly under a power of attorney; the document and governing law define the authority.
Key idea: A person authorized to act for another, commonly under a power of attorney; the document and governing law define the authority.
Read the complete guideA tax-year-specific federal gift-tax rule that can exclude qualifying present-interest gifts up to the current statutory amount per recipient; verify the current IRS figure and conditions.
Key idea: A tax-year-specific federal gift-tax rule that can exclude qualifying present-interest gifts up to the current statutory amount per recipient; verify the current IRS figure and conditions.
Read the complete guideAn objectively framed distribution standard—often health, education, maintenance, and support—used in trust and tax analysis; the exact language and facts matter.
Key idea: An objectively framed distribution standard—often health, education, maintenance, and support—used in trust and tax analysis; the exact language and facts matter.
Read the complete guideA person, charity, estate, trust, or other permitted recipient entitled to receive or potentially receive property under an instrument, account, or law.
Key idea: A person, charity, estate, trust, or other permitted recipient entitled to receive or potentially receive property under an instrument, account, or law.
Read the complete guideA gift of property made by will; modern statutes and documents may use broader terms such as devise.
Key idea: A gift of property made by will; modern statutes and documents may use broader terms such as devise.
Read the complete guideA formally executed amendment to a will that must satisfy applicable execution rules and be read with the original will.
Key idea: A formally executed amendment to a will that must satisfy applicable execution rules and be read with the original will.
Read the complete guideA marital-property system that generally classifies qualifying property acquired during marriage as owned by the marital community, subject to state-specific tracing and exceptions.
Key idea: A marital-property system that generally classifies qualifying property acquired during marriage as owned by the marital community, subject to state-specific tracing and exceptions.
Read the complete guideThe federal exclusion amount potentially made available to a surviving spouse through a valid portability election by the deceased spouse's estate.
Key idea: The federal exclusion amount potentially made available to a surviving spouse through a valid portability election by the deceased spouse's estate.
Read the complete guideA person who has died; tax forms and probate statutes use the term to identify the person whose property and obligations are being administered.
Key idea: A person who has died; tax forms and probate statutes use the term to identify the person whose property and obligations are being administered.
Read the complete guideA testamentary transfer under a will; depending on the statute or document, it may cover real or personal property.
Key idea: A testamentary transfer under a will; depending on the statute or document, it may cover real or personal property.
Read the complete guideA person's permanent legal home based on physical presence and intent; it can affect probate, marital property, state tax, and jurisdiction and is not always the same as residence.
Key idea: A person's permanent legal home based on physical presence and intent; it can affect probate, marital property, state tax, and jurisdiction and is not always the same as residence.
Read the complete guideDepending on context, the property and obligations associated with a person, the probate estate under court administration, or a separate tax entity after death.
Key idea: Depending on context, the property and obligations associated with a person, the probate estate under court administration, or a separate tax entity after death.
Read the complete guideTreatment of property or an interest as part of a decedent's gross estate for transfer-tax purposes; ownership title alone does not answer every inclusion rule.
Key idea: Treatment of property or an interest as part of a decedent's gross estate for transfer-tax purposes; ownership title alone does not answer every inclusion rule.
Read the complete guideA person nominated in a will and generally appointed by a court to administer the probate estate; many states use personal representative as the broader term.
Key idea: A person nominated in a will and generally appointed by a court to administer the probate estate; many states use personal representative as the broader term.
Read the complete guideA person or institution required to act under duties of loyalty, care, impartiality, prudence, and recordkeeping as applicable to the role and governing law.
Key idea: A person or institution required to act under duties of loyalty, care, impartiality, prudence, and recordkeeping as applicable to the role and governing law.
Read the complete guideA federal gift-tax election that can treat qualifying gifts by one spouse as made one-half by each spouse when requirements and consents are satisfied.
Key idea: A federal gift-tax election that can treat qualifying gifts by one spouse as made one-half by each spouse when requirements and consents are satisfied.
Read the complete guideA person treated as transferring property to a trust; settlor and trustor are common state-law synonyms, while federal tax law can use grantor in a technical way.
Key idea: A person treated as transferring property to a trust; settlor and trustor are common state-law synonyms, while federal tax law can use grantor in a technical way.
Read the complete guideThe federal transfer-tax measure that can include probate and nonprobate property, certain insurance, retained interests, and other items before deductions.
Key idea: The federal transfer-tax measure that can include probate and nonprobate property, certain insurance, retained interests, and other items before deductions.
Read the complete guideA court-appointed person responsible for personal or health-related decisions for a minor or protected adult; some states use different labels or divide personal and property roles.
Key idea: A court-appointed person responsible for personal or health-related decisions for a minor or protected adult; some states use different labels or divide personal and property roles.
Read the complete guideA person or document authorizing health decisions for another when applicable conditions are met; terminology varies by state.
Key idea: A person or document authorizing health decisions for another when applicable conditions are met; terminology varies by state.
Read the complete guideA person entitled under intestacy law to inherit probate property; an heir is not necessarily the same as a beneficiary named in a will or account.
Key idea: A person entitled under intestacy law to inherit probate property; an heir is not necessarily the same as a beneficiary named in a will or account.
Read the complete guideA will written and signed in the testator's handwriting under rules recognized in some, but not all, states; requirements and treatment vary.
Key idea: A will written and signed in the testator's handwriting under rules recognized in some, but not all, states; requirements and treatment vary.
Read the complete guideCertain taxable income the decedent was entitled to but had not received before death; it generally does not receive the ordinary section 1014 basis adjustment.
Key idea: Certain taxable income the decedent was entitled to but had not received before death; it generally does not receive the ordinary section 1014 basis adjustment.
Read the complete guideThe state-law system distributing probate property not effectively disposed of by a valid will.
Key idea: The state-law system distributing probate property not effectively disposed of by a valid will.
Read the complete guideA person's lineal descendants, such as children and later generations, interpreted under the document and governing law.
Key idea: A person's lineal descendants, such as children and later generations, interpreted under the document and governing law.
Read the complete guideThe ability to understand and decide a particular legal matter under the applicable standard; capacity can be task-specific and may fluctuate.
Key idea: The ability to understand and decide a particular legal matter under the applicable standard; capacity can be task-specific and may fluctuate.
Read the complete guideA court-issued credential evidencing an executor's authority after appointment; terminology and electronic verification vary by jurisdiction.
Key idea: A court-issued credential evidencing an executor's authority after appointment; terminology and electronic verification vary by jurisdiction.
Read the complete guideA federal estate- or gift-tax deduction for qualifying transfers to a spouse, subject to citizenship, property-interest, and election requirements.
Key idea: A federal estate- or gift-tax deduction for qualifying transfers to a spouse, subject to citizenship, property-interest, and election requirements.
Read the complete guideA provision that may reduce or eliminate a beneficiary's gift after a covered challenge; enforceability, probable-cause exceptions, and scope vary by state.
Key idea: A provision that may reduce or eliminate a beneficiary's gift after a covered challenge; enforceability, probable-cause exceptions, and scope vary by state.
Read the complete guideA method of dividing property into equal shares among people at a specified generational level or class; document wording controls the exact method.
Key idea: A method of dividing property into equal shares among people at a specified generational level or class; document wording controls the exact method.
Read the complete guideA representation-based distribution method in which a deceased beneficiary's branch may take that beneficiary's share; state definitions and drafting variants differ.
Key idea: A representation-based distribution method in which a deceased beneficiary's branch may take that beneficiary's share; state definitions and drafting variants differ.
Read the complete guideThe umbrella term in many jurisdictions for the fiduciary administering a decedent's probate estate, including an executor or administrator.
Key idea: The umbrella term in many jurisdictions for the fiduciary administering a decedent's probate estate, including an executor or administrator.
Read the complete guideThe federal process by which a surviving spouse may use a deceased spouse's DSUE after a valid estate-tax-return election; GST exemption is not portable.
Key idea: The federal process by which a surviving spouse may use a deceased spouse's DSUE after a valid estate-tax-return election; GST exemption is not portable.
Read the complete guideAuthority given to a power holder to designate who may receive specified property; general and limited powers can have different tax and creditor effects.
Key idea: Authority given to a power holder to designate who may receive specified property; general and limited powers can have different tax and creditor effects.
Read the complete guideThe judicial process for appointing estate authority, validating a will where required, handling claims, and transferring probate property.
Key idea: The judicial process for appointing estate authority, validating a will where required, handling claims, and transferring probate property.
Read the complete guideAn irrevocable refusal to accept property that can have special federal transfer-tax treatment if statutory requirements, timing, and lack-of-acceptance rules are met; state property law also applies.
Key idea: An irrevocable refusal to accept property that can have special federal transfer-tax treatment if statutory requirements, timing, and lack-of-acceptance rules are met; state property law also applies.
Read the complete guideThe probate property left after specific gifts, expenses, claims, taxes, and other charges are handled under the will and law.
Key idea: The probate property left after specific gifts, expenses, claims, taxes, and other charges are handled under the will and law.
Read the complete guideThe person who creates or contributes property to a trust; grantor and trustor are common synonyms, with context-specific tax meanings.
Key idea: The person who creates or contributes property to a trust; grantor and trustor are common synonyms, with context-specific tax meanings.
Read the complete guideA person or trust classified under federal GST rules as two or more generations below the transferor, or otherwise meeting the statutory definition.
Key idea: A person or trust classified under federal GST rules as two or more generations below the transferor, or otherwise meeting the statutory definition.
Read the complete guideTrust language restricting a beneficiary's transfer of an interest before distribution and limiting some creditor access, subject to state-law exceptions.
Key idea: Trust language restricting a beneficiary's transfer of an interest before distribution and limiting some creditor access, subject to state-law exceptions.
Read the complete guideA tax measure used to calculate gain, loss, depreciation, and other consequences; acquisition, gifts, death, improvements, and entity rules can change it.
Key idea: A tax measure used to calculate gain, loss, depreciation, and other consequences; acquisition, gifts, death, improvements, and entity rules can change it.
Read the complete guideThe federal estate-tax base after permitted deductions from the gross estate, before application of the tax computation and credits.
Key idea: The federal estate-tax base after permitted deductions from the gross estate, before application of the tax computation and credits.
Read the complete guideCreated by or taking effect under a will at death, as in a testamentary trust.
Key idea: Created by or taking effect under a will at death, as in a testamentary trust.
Read the complete guideA state-law process that may allow a trustee to distribute assets from one trust into a new trust with modified terms, subject to statutory authority, fiduciary duties, beneficiary rights, and tax review.
Key idea: A state-law process that may allow a trustee to distribute assets from one trust into a new trust with modified terms, subject to statutory authority, fiduciary duties, beneficiary rights, and tax review.
Read the complete guideA person holding a power of direction over a trustee under a directed-trust structure; fiduciary status and liability depend on governing law and the instrument.
Key idea: A person holding a power of direction over a trustee under a directed-trust structure; fiduciary status and liability depend on governing law and the instrument.
Read the complete guideAccounting categories allocating receipts and expenses between capital and current return; they are not identical to taxable principal and income.
Key idea: Accounting categories allocating receipts and expenses between capital and current return; they are not identical to taxable principal and income.
Read the complete guideA person granted specified oversight or amendment powers outside ordinary trustee duties; the title has no single universal set of powers.
Key idea: A person granted specified oversight or amendment powers outside ordinary trustee duties; the title has no single universal set of powers.
Read the complete guideThe legal and administrative connection of a trust to a jurisdiction, potentially affected by governing law, trustee location, administration, assets, and court jurisdiction.
Key idea: The legal and administrative connection of a trust to a jurisdiction, potentially affected by governing law, trustee location, administration, assets, and court jurisdiction.
Read the complete guideThe fiduciary holding and administering trust property under the instrument and governing law for beneficiaries or a permitted purpose.
Key idea: The fiduciary holding and administering trust property under the instrument and governing law for beneficiaries or a permitted purpose.
Read the complete guideImproper pressure that overcomes a person's free intent in making a will, trust, gift, or designation; proof is fact- and state-specific.
Key idea: Improper pressure that overcomes a person's free intent in making a will, trust, gift, or designation; proof is fact- and state-specific.
Read the complete guideA revocable document during life that directs probate property and makes nominations or testamentary trusts effective at death, subject to state execution law.
Key idea: A revocable document during life that directs probate property and makes nominations or testamentary trusts effective at death, subject to state execution law.
Read the complete guideA person who observes or acknowledges execution as required and may later attest to it; eligibility and presence rules vary by state and document.
Key idea: A person who observes or acknowledges execution as required and may later attest to it; eligibility and presence rules vary by state and document.
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