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