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