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Estate Planning |
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| The process by which an individual designs a strategy and executes a will, trust agreement, life insurance contracts, Power of Attorney and Living Wills and/or other documents to provide for the administration of his or her assets upon his or her incapacity or death. State and Federal transfer tax consequences and planning are part of this process. |
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Intestate |
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| Dying without leaving a valid Will or Trust in effect, such that the decedent’s estate is distributed in accordance with the intestacy laws of the state to his or her “heirs.” |
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Simple Will |
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| A basic will giving all assets outright to one or more persons without any specific bequests, protective trusts and without addressing tax planning. |
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Testator (male)/Testatrix (female) |
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| Person who makes a Will. |
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Will |
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| A writing that specifies the beneficiaries who are to inherit the testator’s assets and naming a representative to administer the estate and be responsible for distributing the assets to the beneficiaries. To be valid a testator must have legal capacity when the will is written and follow state law. |
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