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Bequest
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a gift in a will
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Decedent
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a person who dies
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Devise
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is similar to bequeath but traditionally is meant to give a gift of real estate by Will. Today, a devise refers to a gift of either personal or real property.
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Executor
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is the male person or bank which is appointed by a Will to collect the assets of the Probate Estate and distribute them to the beneficiaries of the Will. Executor is also known as a "Personal Reprsentative."
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Executrix
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a female executor
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Intervivos
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means during your lifetime. Another word for intervivos is "living."
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Intestate
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means that a person dies without the benefit of a Will and therefore that person's estate is distributed by law to "next of kin."
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Irrevocable
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means Beneficiaries and Trustees are unchangeable and unamendable.
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Issue
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means the descendents who "issue" from a parent. Therefore, children, grandchildren and great- grandchildren, etc. are considered "issue" of a parent.
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Martial Deduction
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is the deduction granted to the estate of a married person by the Federal Internal Code before the Federal Estate Tax is applied.
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Martial Trust
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is a trust share set up to qualify for the Federal Deduction and benefit the surviving spouse.
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State Estate Tax
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is the tax assessed by the State against certain assets contained in a decedent's estate or by reason of his death.
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Next of Kin
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means the heirs of a descendent. If a spouse and children survive, they are the next of kin and therefore succeed to the estate of the decedent.
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Per Stirpes
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means that a child takes by right of representation,stepping up into the shoes of a deceased parent.
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Pour-Over Will Clause
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is a clause in a Will which "pours over" any probate assets into an existing revocable intervivos trust. Therefore, to avoid the interference and expense of supervised probate court administration, a "pour- over clause" is included in your Will. Another advantage is that it permits unified dministrations of all of a decendent's assets.
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Probate
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means the administration of a decedent's estate by the local probate court. The local probate court can only supervise those assets considered to be the "probate estate." The "probate estate" consists of those assets which pass "through" the Will, but excludes those assets which pass "outside" the Will. Assets passing "through" the Will are those generally solely owned by the decedent. Assets passing "outside" of the Will include joint property, joint bank accounts, life insurance and revocable intervivos trusts. These assets are also called Will substitutes.
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Revocable
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Beneficiaries and Trustee are changeable and amendable.
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Revocable Intervivios Trust
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a trust set up before you die, but which continues in effect after your death. Such a trust is also changeable or amendable at will by the "Settlor"of the trust. An irrevocable trust cannot be changed, although assets can be changed. A "testamentary trust" is one established by your Last Will and Testament. Its primary is advantage is that it is subject to the supervision of a local probate court and thereby increases expenses.
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Testamentary
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By virtue of your death, as opposed to before your death.
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Testate
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A person dies with a Will.
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Trustee's Powers
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a Trustee cannot take any action not authorized by either the Trust or state law. Therefore, to permit the maximum amount of flexibility in your trust, extensive powers are given to the trustee.
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Trust Principal
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means the assets contributed to the "Trust Estate". Another name for trust principal is "trust corpus".
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