Estate planning can seem like a daunting task, particularly if you feel unsure about what you are doing.
Below is a list of common terms regarding estate planning, to help you get your feet wet, so to speak:
- Estate- all the money and property owned by a particular person, especially at death.
- Will- a legal declaration of a person’s wishes regarding the disposal of his or her property or estate after death especially : a written instrument legally executed by which a person makes disposition of his or her estate to take effect after death.
- Trust- an arrangement whereby a person (a trustee) holds property as its nominal owner for the good of one or more beneficiaries.
- Beneficiary- a person who derives advantage from something, especially a trust, will, or life insurance policy.
- Heir- a person legally entitled to the property or rank of another on that person’s death.
- Personal representative- the person appointed by the court to oversee a deceased person’s estate.
- Power of attorney- the authority to act for another person in specified or all legal or financial matters.
- Living will- a written statement detailing a person’s desires regarding their medical treatment in circumstances in which they are no longer able to express informed consent, especially an advance directive.
If you would like to learn more about estate planning, or you are ready to get started, give us a call at 405.354.2833.