Administrator
Someone appointed by a Court to settle your affairs and estate.
Beneficiary
A person, thing, or trust with the right to receive money or property under a will or trust. Ex. your child
Bond
Money or contract given to the Court to ensure the administrator, executor, or guardian does their job.
Conservator
An appointed person that manages the estate for a person who is known as incapable of managing it themselves.
Decant
To put the assets of a trust into a new trust.
Deed for real estate
A signed agreement to convey property and have payment terms established.
Descendant
The person who died.
Devise
Transfer of ownership and/or real estate.
Estate
Real and personal property that a person owns.
Executor
A representative appointed by a Court to carry out a deceased persons will.
Fiduciary
Someone legally required to act by putting the interest of the beneficiaries, heirs, etc first while managing the estate. Ex. your lawyer
Grantor/ Settlor
The person who creates a Trust.
Heir
Someone who has the right to inherit property or assets when the person dies with no will.
Intestate
To die without a will.
Joint Tenancy
Ownership of a property with two or more people with the right of survivorship.
Liability
Any money that a person owes.
Probate
The process of proving what a deceased person owned and owed and has been distributed to the beneficiaries of the will.
Survivorship
The surviving owner receives the property at the death of a owner.
Tenancy In Common
Owned property by one or more with no right to survivorship.
Testator
Man or woman who makes a will.
Trust
An agreement in which one person agrees to hold and manage property for the benefit of another.
Trustor
Man or woman who establishes a trust.
Will
Any testament in writing that describes how their assets will be disbursed after death and naming persons to manage assets.
