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