The person appointed by the court to manage one’s estate when he or she
dies without leaving a will. Administrators have the same duties as executors.
A fixed sum of money payable yearly or at other regular intervals.
Property, such as real estate or stock, which has increased in value.
An individual designated to receive benefits or funds under a will or other
contract, such as an insurance policy, trust or retirement plan.
A gift left in a will, typically personal property or assets.
Charitable Gift Annuity
Typically an agreement in which cash or other assets are transferred to a charitable
organization in exchange for its promise to pay an annuity for life or for
a term of years.
A trust having a charitable organization as a beneficiary.
A legal instrument made to modify an earlier will.
The original value of an asset, such as stock, before its appreciation or depreciation.
Durable Power of Attorney
A written legal document that lets an individual designate another person to
act on his or her behalf, even in the event the individual becomes disabled
A tax imposed at one’s death on the transfer of most types of property.
Tax on gifts generally paid by the person making the gift, rather than the
Gift-Tax Annual Exclusion
The provision in the tax law that exempts the first $11,000 (as adjusted for
inflation) in present-interest gifts a person gives to each recipient during
a year from federal gift taxes.
The person who transfers assets into a trust for the benefit of another.
The total property or assets held by an individual as defined for federal estate
An individual legally appointed to manage the rights and/or property of a person
incapable of taking care of his or her own affairs.
Any right or ownership in property.
The term applied when an individual dies without a will.
An agreement that cannot be changed or terminated without the agreement of the current beneficiary.
The ownership of property by two or more people, usually with the right of
Life Insurance Trust
A trust that has the proceeds of an individual’s life insurance policy
as its principal.
A revocable trust established by a grantor during his or her lifetime in which
the grantor transfers some or all of his or her property into the trust.
A legal document directing that the maker’s or signer’s life is
not to be artificially supported in the event of a terminal illness or accident.
The court process for determining the validity of a deceased person’s
The ability of a donor either to change or terminate an agreement without having to get consent from the current beneficiary.
An individual who dies leaving a will or testament in force.
A written legal instrument created by a grantor during his or her lifetime
or at death for the benefit of another.
The individual or institution entrusted with the duty of managing property
placed in the trust. A “co-trustee” serves as trustee with another.
A “contingent trustee” becomes trustee upon the occurrence of
a specified future event.
A legally executed document that directs how and to whom a person’s property
is to be distributed after death.
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