Estate Planning Legal Terms Glossary

Key Estate Planning Terms: Definitions of Essential Legal Concepts for Effective Asset Distribution.

glossary estate-planning

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Estate Planning

  • 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.