Estate Planning Legal Terms Glossary
Key Estate Planning Terms: Definitions of Essential Legal Concepts for Effective Asset Distribution.
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- A WillA will is a legally binding document that outlines an individual's wishes for the distribution of their assets after death.
- ExecutorThe person or entity legally appointed by a testator to administer their estate, manage assets, pay debts, and distribute property per their will's instructions.
- IntestateIntestate refers to the condition of dying without a legally valid will in place.
- Intestate successionThe legal process by which a deceased person's estate is distributed to heirs according to state laws when no valid will exists.
- ProbateA comprehensive court-supervised legal process of authenticating a deceased person's will, appointing an estate administrator, settling debts and taxes, and distributing remaining assets.
- TestamentA testament is a will or other instrument that disposes of one's possessions after death.
- TestatorA testator is a person who makes and executes a valid will.