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