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