Page 86 - Book10E

76
Estate: For federal estate tax purposes, this refers to all of a deceased person's assets that are included in that person's estate for tax purposes. It is also used to refer to those items of property that
are subject to administration in the probate court. For example,
life insurance owned by the decedent and payable to a named beneficiary such as a surviving spouse is not part of the deceased person’s estate that is subject to administration in the probate court, but it is included in the deceased person’s estate for federal estate tax purposes.
Estate Planning: The process of arranging one's personal and financial affairs.
Executor: The person or financial institution that is appointed to administer the estate of a deceased person who died with a will.
Fiduciary: Term used to refer to a person (or entity) that serves in a representative capacity. Personal representatives, trustees, guardians, conservators, and agents under powers of attorney are all fiduciaries. A fiduciary stands in a position of confidence and trust with respect to each heir, devisee, and/or beneficiary.
Formal Probate: A proceeding before a probate judge to determine whether a decedent left a valid will.
Grantor: A person that established a living trust. Also used to refer to one who is transferring real estate in a deed.
Guardian: An adult person appointed by a surviving parent in his or her will or by a court, who is responsible for a minor child or legally incapacitated person's personal care and nurturing.
Heir: Person who inherits property from the estate of a deceased person who died without a will.
Intangible Personal Property: Property that cannot be physically touched, although this type of property may have some paper associated with it such as stock, bonds, mutual funds, bank accounts, and cash.
Glossary