Disclaimer. Glossary of Estate Planning, Trust, and Probate Terms H Through N Health Care Directives: See definition of Living Will . Glossary of Estate Planning Terms A-B Trusts: The two “sub-trusts” created when a person dies, one of which – the “A” Trust – will be maintained for the benefit of the surviving spouse – and the other of which – the “B” Trust – will contain assets of a value equal to … BASIC ESTATE PLANNING TERMS. This glossary is a summary of phrases relating to land use and planning matters in England only. A B C D E F G H I J K L M N O P Q R S T U V W X Y Z. Discover our helpful estate planning terms and definitions page to help de-code the complicated world of planning for your estate. Fidelity does not provide legal or tax advice. consult@kylekrull.com (913) 851-4880 Fidelity cannot guarantee that such information is accurate, complete, or timely. A-B Trust . An arrangement used in a trust when a married testator has an estate with a value that exceeds his or her remaining estate tax exemption amount.
Holographic Will: A holographic will is a type of will in which all material provisions or the entire contents, including the date and signature, are written entirely in the testator’s own handwriting and not properly attested by witnesses.
A Trust The surviving spouse’s portion of an A-B trust. Contrary to popular belief, estate planning and the use of trusts are not just for the wealthy. Basic Estate Planning Terms And Tools Estate planning is an essential step in protecting what you have worked so hard for throughout your lifetime. Glossary of planning terms. And what are the different kinds of "death taxes"? Our glossary will … For today’s blog, we are taking a look at some of the key terms and concepts related to estate planning and probate – and explaining how they function in estate law. These definitions or descriptions of certain legal terms are intended to be educational and not a substitute for legal advice.
ANNUAL GIFT TAX EXCLUSION: Technique to allow gifts without the imposition of estate or gift taxes. Glossary of Estate Planning Terms What's the difference between a will and a trust?
What is probate? Estate Planning Terms. Estate Planning Glossary. At Famulary. Understanding your Florida estate planning without comprehending the defined terms is a bit like trying to design and build your own home without an understanding of basic construction terms.
The tax information and estate planning information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice. Terms and Definitions for Documents in Estate Planning A/B Trusts. File C4-50 Updated May, 2014 . Let’s examine the terms and definitions for common terms used in the Estate Planning area: Power of Attorney / Agent / Attorney – in – fact: These are all terms to describe the person whom you have appointed to manage affairs on your behalf via a document called a Power of Attorney.
Text in this Example: Glossary of Terms for Estate Planning Administrator An individual appointed by the court to manage the estate of a person who died without leaving a will. Vocabulary Matching Exercise.
Tax and liquidity planning are part of this process. Glossary of Estate Planning Terms ADMINISTRATION: The management of a decedent’s estate including the payment of expenses, debts and obligations, and the general settling of the estate. The glossary will shortly be updated to include terms from the recently published National Planning Policy Framework. It covers a variety of issues ranging from new development and regeneration, to conservation and environmental protection.
Estate planning – A process by which an individual designs a strategy and executes a will, trust agreement, or other documents to provide for the administration of his or her assets upon his or her incapacity or death. (feminine is an administratrix) Administrator with Will Annexed An individual appointed by the court when a death occurs without a will or executor, or the named executor fails to act. A Trust: A trust created for the sole purpose of a surviving spouse B Trust: Also referred to as a “By-Pass Trust” is designated for the benefit of the grantor’s beneficiaries, which can also include the surviving spouse. The “Find a Planning Professional” Directory May Not Be Used for Commercial Purposes By using the “Find a Planning Professional” directory, you agree that you are using this service exclusively for the purposes of locating an estate planning professional, either to potentially hire or, if a professional, to locate colleagues for co-counsel, consulting, or other professional assistance. pdf format .