Glossary – Key Words

Administration

Generally, the process of disposing of a decedent's estate, or the management of a trust or a similar estate legally controlled by a person or legal entity other than the owner. Specifically, the process of disposing of an intestate decedent's estate.

Administrator

Traditionally, a man appointed to administer a decedent's estate, now, any person, a male or female, appointed to administer a decedent's estate.

Administratrix

A woman appointed to administer a decedent's estate. Today, an administratrix is usually known as an administrator.

Ancillary administration

Administration of a decedent's real property located in a jurisdiction other than that in which the decedent was domiciled.

Beneficiary

Person (or legal entity) who receives property from a decedent's bet estate transferred according to a will; person (or legal entity) who receives the benefit of a trust; person (or legal entity) who receives the benefits of a trust; person (or legal entity) designated to receive the proceeds of an insurance policy.

Closing the estate

Last steps in the formal administration of a decedents' estate, generally including distribution of the net estate to beneficiaries or heirs, followed by probate court approval of attorney's fees, executor's or administrator's fees (if any), and the executor's or administrator's final accounting.

Codicil

“Little will”; an instrument that amends (i.e., changes, modifies or supplements) the provisions of a will.

Commingling

Combining or mixing together money or other property such that it cannot not be easily distinguished and traced to its source.

Corpus

Property (“body”) held in trust.

Decedent's estate

Collection of property rights that one owns at the time of one's death or after death.

Declaration of trust

Announcement that a settlor is making himself or herself the trustee of property for the benefit of himself or herself or another.

Deed

Instrument representing ownership of real property

Died without issue

The situation of dying without having had a child, or without having a surviving child or children (or their children).

Distribution

Transfer of personal property after death

Domicile

Place to which, when a person is away, the person intends to return.

Durable power of attorney

Power of attorney that does not terminate when a person becomes incompetent.

Durable power of attorney for health care

Durable power of attorney that gives an agent the power to make medical decisions for an incompetent principal.

Duty of care

Special duty imposed on a fiduciary to exercise reasonable care and skill.

Duty of loyalty

Special duty imposed on a fiduciary to act solely for the benefit of the fiduciary estate.

Duty to account

Special duty imposed on a fiduciary to keep accurate records of money and other property manged on behalf of another.

Duty to avoid self-dealing

Special duty imposed on a fiduciary to act solely for the benefit of the fiduciary estate.

Duty to invest

Special duty imposed on a fiduciary to make the fiduciary estate productive

Election against the will

Claim of a surviving spouse to an elective share when an estate is administered under a will.

Elective share

Granted in most states, a statutory opportunity of a surviving spouse to receive a definite portion of the deceased spouse' net estate.

Equitable title

Possession and use of property

Estate

Collection of the property rights of a person or legal entity at one time or over a period of time.

Execution, executed

In the law of wills, trusts, and estates, when a prepared instrument is completed with the necessary signatures.

Executor

Someone nominated by a will to administer a decedent's estate.

Executrix

A woman nominated by will to administer a decedent's estate. Today, an executrix is usually known as an executor.

Exordium clause

Customary opening provision in a will indicating that the instrument is the testator's will.

Fiduciary

Trusted personal legal representative; someone who acts primarily for the benefit of another, upon whom the law imposes special duties of care, confidence, trust and good faith.

Grant

Transfer of property ownership to another party.

Grantee

Person to whom an owner transfers property.

Grantor

Person who transfers ownership of property.

Guardian

Usually, a person appointed to protect and care for an incompetent person and to manage that person's property; in some states, a person appointed to protect and care for a minor child and his or her property.

Heir

Traditionally, a person entitled to real property by descent; now, a person entitled to any property by descent or by will.

Holographic will

Will completely written and signed in the testator's handwriting.

Inter vivos

Latin for “between the living”; during life

Inter vivos trust

Formal term for an express trust created during the settlor's life

Intestacy

Status of one who dies, or is expected to die, without leaving a will.

Intestate

One who dies without leaving a will (or leaving a will that nevertheless cannot be found or reconstructed).

Intestate succession

Process by which one follows in the ownership of an intestate decedent's property.

Issue

One's child or children and their children

Letters of administration

Official probate court instrument decreeing an administrator's authority to administer a decedent's estate.

Letters testamentary

Official probate court instrument decreeing an executor's authority to administer a decedent's estate.

Personal representative

Someone appointed or nominated by will to administer a decedent's estate.

Probate court

Name in most states for the division of the state's courts specifically set up for the administration of estates.

Residuary clause

Will provision giving away any property remaining in a testator's net estate that was not given in a specific devise, bequest, or legacy.

Self-dealing

Taking advantage of one's position as fiduciary for one's own benefit rather than for the benefit rather than for the benefit of the fiduciary estate.

Self-proved will

Will in which the attesting witness have acknowledged their signatures under oath before a notary public.

Settlor

Person who creates, grants, or makes a trust.

Testamentary capacity

Capacity to make a will; requires that one must: 91) know what a will is and that one is making a will, (2) know the natural objects of one' bounty, (3) know the general nature and extent of one's property, and (4) be able to interrelate one's knowledge and make a coherent plan.

Testate

Persons who dies leaving a will.

Testator

Traditionally, a man who makes a will; now anyone who makes a will

Testatrix

A woman who makes a will, now usually called a testator.

Testimonium clause

Customary closing will provision indicating that the instrument has been signed by the testator with the intent to make it his or her will.

Trust

legal technique of giving control of property to one person, but for the use of another; formal management of property as an owner by another person according to the original owner's directions; a legal relationship created when a grantor or settlor transfers property with the intention that it be managed by a trustee for the benefit of a beneficiary or beneficiaries; instrument manifesting the intent to create an express trust.

Trustee

Person who manges a trust.

Trustor

Person who creates (makes) a trust.

Will

Formal Letter to the probate court judge declaring what the maker wants after death; instrument declaring the disposition of a person's property to take effect after death.

Will contest

Lawsuit to challenge the validity of a will or codicil.