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