Will - is the disposition of real and personal property to take effect after the death of the testator. When the will operates upon personal property, it is sometimes called a testament, and when upon real estate, a devise; but the more general and the more popular denomination of the instrument, embracing equally real and personal estate, is that of last will and testament.'' Black’s Law Dictionary, 9th ed.
SIMPLE Will - first type of last will and testament that merely discusses disposition of assets and names a personal representative (formerly called an executor if male or an executrix if female) to serve as the administrator. ABA.
Living Will - An instrument, with the formalities statutorily required for a will, by which a person directs that his or her life not be artificially prolonged by extraordinary measures when there is no reasonable expectation of recovery from extreme physical or mental disability. Black’s Law Dictionary, 9th ed.
Durable Power of Attorney - A power of attorney that remains in effect during the grantor's incompetency. • Such instruments commonly allow an agent to render healthcare decisions for a patient who has become incompetent. Black’s Law Dictionary, 9th ed.
Durable power of attorney – A power of attorney that does not terminate upon the incapacity of the person making the power of attorney. ABA.
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. Tax and liquidity planning are part of this process. ABA.
Executor – A person named in a will and appointed by the court to carry out the terms of the will and to administer the decedent’s estate. May also be called a personal representative. If a female, may be referred to as the executrix. ABA.
Power of attorney – Authorization, by a written document, that one individual may act in another's place as agent or attorney-in-fact with respect to some or all legal and financial matters. The scope of authority granted is specified in the document and may be limited by statute in some states. A power of attorney terminates on the death of the person granting the power (unless “coupled with an interest”) and may terminate on the subsequent disability of the person granting the power (unless the power is “durable” under the instrument or state law). ABA.
Probate – The court supervised process of proving the validity of a will and distributing property under the terms of the will or in accordance with a state’s intestacy law in the absence of a will.
Testator – A person who signs a will. If a female, may be referred to as the testatrix. ABA.
Will – A writing specifying 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. ABA.
Trust - The right, enforceable solely in equity, to the beneficial enjoyment of property to which another person holds the legal title; a property interest held by one person (the trustee) at the request of another (the settlor) for the benefit of a third party (the beneficiary). • For a trust to be valid, it must involve specific property, reflect the settlor's intent, and be created for a lawful purpose. The two primary types of trusts are private trusts and charitable trusts." Black’s Law Dictionary (9th ed. 2009).
Testacy - The state or condition of a person having died with a valid will. Black’s Law Dictionary (9th ed. 2009).
Testate - Having left a will at death. Black’s Law Dictionary (9th ed. 2009).
Intestacy - The state or condition of a person's having died without a valid will. Black’s Law Dictionary (9th ed. 2009).
Intestate - One who has died without a valid will. Black’s Law Dictionary (9th ed. 2009).
