Glossary of Terms

ADMINISTRATOR: A person appointed by the court to manage and distribute the estate of someone who dies without a will.

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ATTESTATION: The act of witnessing the sitting of a will. Witnesses attest that the document was signed by the testator voluntarily.

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BEQUEST: A specific gift of personal property or money left to beneficiary in a will.

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BENEFICIARY: An individual or organization designated to receive assets or benefits from a will.

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ESTATE: All the assets, debts, and property left by an individual at the time of their death.

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EXECUTOR: The person appointed by the testator to carry out the instructions in the will.

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FIDUCIARY: A person or entity entrusted with the responsibility of managing assets or interests on behalf of another party, know as the beneficiary. The fiduciary is legally and ethically bound to act in the best interests of the beneficiary.
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GUARDIANSHIP: For minor children, the will can designate a guardian to care for them.

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HOLOGRAPHIC WILL: A will that is entirely handwritten and signed by the testator, often without witnesses.​

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LIVING WILL: A document that expresses a person's wishes regarding medical treatment in circumstances where they are no longer able to communicate informed consent.

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POWER OF ATTORNEY:  A person who is given authority, in a document called a power of attorney, to act on behalf of another as a fiduciary. There are two types of power of attorney documents; power of attorney for property and power of attorney for personal care.

 

POWER OF ATTORNEY FOR PERSONAL CARE: A legal document that gives someone the power to make decisions about your personal care, including your health care if you become mentally incapable of making those decisions yourself.

 

POWER OF ATTORNEY FOR PROPERTY: A legal document that lets someone make decisions about your property. Property includes your money and everything you own.

 

PERSONAL PROPERTY: A type of property that is movable, including furniture, vehicles, cash and stocks. This is in contrast to real property that is immovable (like land).

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PROBATE: The legal process of proving the validity of a will, settling debts, and distributing the estate under the supervision of a court.

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PROBATE FEES: Fees that are paid when an estate goes through probate. Usually these include legal, executor, and appraisal fees as well  as court costs. The fees are typically paid from the assets in the probate estate before the assets are fully distributed to the heirs.

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TRUSTEE: A person or firm that holds and administers property or assets for the benefit of a third party.

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WILL: A legal document that sets out what will happen to your money and property after you die.

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