Glossary
Plain-language definitions connected to the deeper wills, trusts, tax, probate, beneficiary, and state-law system.
53 entradas de referencia
A court-appointed personal representative who administers an estate when no executor is serving under a will.
Idea clave: A court-appointed personal representative who administers an estate when no executor is serving under a will.
Leer la guía completaA person authorized to act for another, commonly under a power of attorney; the document and governing law define the authority.
Idea clave: A person authorized to act for another, commonly under a power of attorney; the document and governing law define the authority.
Leer la guía completaA 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.
Idea clave: 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.
Leer la guía completaAn objectively framed distribution standard—often health, education, maintenance, and support—used in trust and tax analysis; the exact language and facts matter.
Idea clave: An objectively framed distribution standard—often health, education, maintenance, and support—used in trust and tax analysis; the exact language and facts matter.
Leer la guía completaA person, charity, estate, trust, or other permitted recipient entitled to receive or potentially receive property under an instrument, account, or law.
Idea clave: A person, charity, estate, trust, or other permitted recipient entitled to receive or potentially receive property under an instrument, account, or law.
Leer la guía completaA gift of property made by will; modern statutes and documents may use broader terms such as devise.
Idea clave: A gift of property made by will; modern statutes and documents may use broader terms such as devise.
Leer la guía completaA formally executed amendment to a will that must satisfy applicable execution rules and be read with the original will.
Idea clave: A formally executed amendment to a will that must satisfy applicable execution rules and be read with the original will.
Leer la guía completaA marital-property system that generally classifies qualifying property acquired during marriage as owned by the marital community, subject to state-specific tracing and exceptions.
Idea clave: 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.
Leer la guía completaThe federal exclusion amount potentially made available to a surviving spouse through a valid portability election by the deceased spouse's estate.
Idea clave: The federal exclusion amount potentially made available to a surviving spouse through a valid portability election by the deceased spouse's estate.
Leer la guía completaA person who has died; tax forms and probate statutes use the term to identify the person whose property and obligations are being administered.
Idea clave: A person who has died; tax forms and probate statutes use the term to identify the person whose property and obligations are being administered.
Leer la guía completaA testamentary transfer under a will; depending on the statute or document, it may cover real or personal property.
Idea clave: A testamentary transfer under a will; depending on the statute or document, it may cover real or personal property.
Leer la guía completaA 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.
Idea clave: 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.
Leer la guía completaDepending on context, the property and obligations associated with a person, the probate estate under court administration, or a separate tax entity after death.
Idea clave: Depending on context, the property and obligations associated with a person, the probate estate under court administration, or a separate tax entity after death.
Leer la guía completaTreatment 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.
Idea clave: 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.
Leer la guía completaA 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.
Idea clave: 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.
Leer la guía completaA person or institution required to act under duties of loyalty, care, impartiality, prudence, and recordkeeping as applicable to the role and governing law.
Idea clave: A person or institution required to act under duties of loyalty, care, impartiality, prudence, and recordkeeping as applicable to the role and governing law.
Leer la guía completaA 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.
Idea clave: 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.
Leer la guía completaA 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.
Idea clave: 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.
Leer la guía completaThe federal transfer-tax measure that can include probate and nonprobate property, certain insurance, retained interests, and other items before deductions.
Idea clave: The federal transfer-tax measure that can include probate and nonprobate property, certain insurance, retained interests, and other items before deductions.
Leer la guía completaA 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.
Idea clave: 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.
Leer la guía completaA person or document authorizing health decisions for another when applicable conditions are met; terminology varies by state.
Idea clave: A person or document authorizing health decisions for another when applicable conditions are met; terminology varies by state.
Leer la guía completaA 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.
Idea clave: 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.
Leer la guía completaA will written and signed in the testator's handwriting under rules recognized in some, but not all, states; requirements and treatment vary.
Idea clave: A will written and signed in the testator's handwriting under rules recognized in some, but not all, states; requirements and treatment vary.
Leer la guía completaCertain taxable income the decedent was entitled to but had not received before death; it generally does not receive the ordinary section 1014 basis adjustment.
Idea clave: 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.
Leer la guía completaThe state-law system distributing probate property not effectively disposed of by a valid will.
Idea clave: The state-law system distributing probate property not effectively disposed of by a valid will.
Leer la guía completaA person's lineal descendants, such as children and later generations, interpreted under the document and governing law.
Idea clave: A person's lineal descendants, such as children and later generations, interpreted under the document and governing law.
Leer la guía completaThe ability to understand and decide a particular legal matter under the applicable standard; capacity can be task-specific and may fluctuate.
Idea clave: The ability to understand and decide a particular legal matter under the applicable standard; capacity can be task-specific and may fluctuate.
Leer la guía completaA court-issued credential evidencing an executor's authority after appointment; terminology and electronic verification vary by jurisdiction.
Idea clave: A court-issued credential evidencing an executor's authority after appointment; terminology and electronic verification vary by jurisdiction.
Leer la guía completaA federal estate- or gift-tax deduction for qualifying transfers to a spouse, subject to citizenship, property-interest, and election requirements.
Idea clave: A federal estate- or gift-tax deduction for qualifying transfers to a spouse, subject to citizenship, property-interest, and election requirements.
Leer la guía completaA provision that may reduce or eliminate a beneficiary's gift after a covered challenge; enforceability, probable-cause exceptions, and scope vary by state.
Idea clave: A provision that may reduce or eliminate a beneficiary's gift after a covered challenge; enforceability, probable-cause exceptions, and scope vary by state.
Leer la guía completaA method of dividing property into equal shares among people at a specified generational level or class; document wording controls the exact method.
Idea clave: A method of dividing property into equal shares among people at a specified generational level or class; document wording controls the exact method.
Leer la guía completaA representation-based distribution method in which a deceased beneficiary's branch may take that beneficiary's share; state definitions and drafting variants differ.
Idea clave: A representation-based distribution method in which a deceased beneficiary's branch may take that beneficiary's share; state definitions and drafting variants differ.
Leer la guía completaThe umbrella term in many jurisdictions for the fiduciary administering a decedent's probate estate, including an executor or administrator.
Idea clave: The umbrella term in many jurisdictions for the fiduciary administering a decedent's probate estate, including an executor or administrator.
Leer la guía completaThe 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.
Idea clave: 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.
Leer la guía completaAuthority given to a power holder to designate who may receive specified property; general and limited powers can have different tax and creditor effects.
Idea clave: Authority given to a power holder to designate who may receive specified property; general and limited powers can have different tax and creditor effects.
Leer la guía completaThe judicial process for appointing estate authority, validating a will where required, handling claims, and transferring probate property.
Idea clave: The judicial process for appointing estate authority, validating a will where required, handling claims, and transferring probate property.
Leer la guía completaAn 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.
Idea clave: 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.
Leer la guía completaThe probate property left after specific gifts, expenses, claims, taxes, and other charges are handled under the will and law.
Idea clave: The probate property left after specific gifts, expenses, claims, taxes, and other charges are handled under the will and law.
Leer la guía completaThe person who creates or contributes property to a trust; grantor and trustor are common synonyms, with context-specific tax meanings.
Idea clave: The person who creates or contributes property to a trust; grantor and trustor are common synonyms, with context-specific tax meanings.
Leer la guía completaA person or trust classified under federal GST rules as two or more generations below the transferor, or otherwise meeting the statutory definition.
Idea clave: A person or trust classified under federal GST rules as two or more generations below the transferor, or otherwise meeting the statutory definition.
Leer la guía completaTrust language restricting a beneficiary's transfer of an interest before distribution and limiting some creditor access, subject to state-law exceptions.
Idea clave: Trust language restricting a beneficiary's transfer of an interest before distribution and limiting some creditor access, subject to state-law exceptions.
Leer la guía completaA tax measure used to calculate gain, loss, depreciation, and other consequences; acquisition, gifts, death, improvements, and entity rules can change it.
Idea clave: A tax measure used to calculate gain, loss, depreciation, and other consequences; acquisition, gifts, death, improvements, and entity rules can change it.
Leer la guía completaThe federal estate-tax base after permitted deductions from the gross estate, before application of the tax computation and credits.
Idea clave: The federal estate-tax base after permitted deductions from the gross estate, before application of the tax computation and credits.
Leer la guía completaCreated by or taking effect under a will at death, as in a testamentary trust.
Idea clave: Created by or taking effect under a will at death, as in a testamentary trust.
Leer la guía completaA 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.
Idea clave: 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.
Leer la guía completaA 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.
Idea clave: 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.
Leer la guía completaAccounting categories allocating receipts and expenses between capital and current return; they are not identical to taxable principal and income.
Idea clave: Accounting categories allocating receipts and expenses between capital and current return; they are not identical to taxable principal and income.
Leer la guía completaA person granted specified oversight or amendment powers outside ordinary trustee duties; the title has no single universal set of powers.
Idea clave: A person granted specified oversight or amendment powers outside ordinary trustee duties; the title has no single universal set of powers.
Leer la guía completaThe legal and administrative connection of a trust to a jurisdiction, potentially affected by governing law, trustee location, administration, assets, and court jurisdiction.
Idea clave: The legal and administrative connection of a trust to a jurisdiction, potentially affected by governing law, trustee location, administration, assets, and court jurisdiction.
Leer la guía completaThe fiduciary holding and administering trust property under the instrument and governing law for beneficiaries or a permitted purpose.
Idea clave: The fiduciary holding and administering trust property under the instrument and governing law for beneficiaries or a permitted purpose.
Leer la guía completaImproper pressure that overcomes a person's free intent in making a will, trust, gift, or designation; proof is fact- and state-specific.
Idea clave: Improper pressure that overcomes a person's free intent in making a will, trust, gift, or designation; proof is fact- and state-specific.
Leer la guía completaA revocable document during life that directs probate property and makes nominations or testamentary trusts effective at death, subject to state execution law.
Idea clave: A revocable document during life that directs probate property and makes nominations or testamentary trusts effective at death, subject to state execution law.
Leer la guía completaA person who observes or acknowledges execution as required and may later attest to it; eligibility and presence rules vary by state and document.
Idea clave: A person who observes or acknowledges execution as required and may later attest to it; eligibility and presence rules vary by state and document.
Leer la guía completa
