Glossary

Assets: Property you own, whether in the form of money, property, or other investments.

Beneficiary: The person or entity named in a Will, Trust, bank account, investment account or insurance policy to receive gifts or benefits upon your death.

Bequest: A gift of personal property, including real property such as a home, land, etc., as stated in a Will.

Estate: The entirety of your assets and debts upon your death.

Executor: The individual granted the authority by your Will to carry out the terms of your Will as you directed.

Probate: A court proceding that officially proves the validity of a Will, provides for an inventory of your property, resolves all debts and claims, then grants an OK for distribution of your assets to the beneficiaries. Testamentary I "payable-on-death" (POD) accounts: Usually bank or investment accounts that name a beneficiary upon your death. These accounts also avoid Probate and can even bypass your existing Will or Trust.

Trust: An estate-planning device that includes the essential elements of a Will, but allows for a quicker transfer of assets by you as the owner and Trust creator ("Grantor"), through a Trustee, to beneficiaries, while avoiding Probate.

Will: A formal document prepared in accordance with legal requirements, by which you name beneficiaries and what property they are to inherit or receive after your death. The Will should name an Executor, or the Probate Court will do so.