Page 85 - Book10E

GLOSSARY
Glossary
401(k): A long-term savings plan instituted by an employer in which a deposit is deducted automatically from your paycheck and invested by a plan manager.
Administrator: The person or financial institution that is appointed to take care of the estate of a deceased person who died without a will.
Annuity: Contract with an insurance company in which you contrib- ute a lump sum or in a series of payments. The contract guarantees that payments will be made to you for life or over a specific time.
Assets: The property of a deceased person subject by law to the payment of his or her debts and legacies.
Beneficiary: A person or entity named in a will or a financial contract as the inheritor of property when the property owner dies. A beneficiary can be a spouse, child, charity, or any entity or person to whom the property owner would like to leave his or
her possessions and assets.
Conservator: An adult person or financial institution appointed by
a court, who is responsible for a minor child's or legally incapacitated person’s property until that minor child becomes an adult or the legally incapacitated person becomes competent to be responsible for his or her own property. Sometimes referred to as "guardian of the estate."
Defined Benefit Plan: Managed by an employer, this plan guarantees an employee a specific amount when he or she retires, which is usu- ally paid in monthly checks until the employee dies.
Glossary
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