The terminology used in Estate Planning can be confusing if you are not familiar with the wording used. Estate lawyers/attorneys are equipped to help through the process, but it is also a good idea to be well-informed before hand.
Glossary of Estate and Probate Terminology
Administration: The time when the personal representative collects the deceased assets, pays debt and distributes the estate as arranged in will.
Administrator: The personal representative (if there is a will). The person assigned by the court to distribute the deceased assets if there is no will. Also known as the executor/executrix.
Affidavit: Sworn/written statement constructed under oath with witnesses.
Annual Exclusion: The amount of gifts allowed annually to be given to family members free of federal taxes.
Asset Protection: The act of protecting your estate during your life and after death from any legal or tax problems.
Attorney In Fact: The person assigned as agent under power of attorney.
Beneficiary: The person(s) who receives the benefit property/estate or trust.
Bequest: To leave a gift or property as noted in a will.