Glossary Terms

The person or persons who design and create the Trust. Also known as the Trustmaker and Creator.

A person nearest in kin to a deceased person who may be entitled to an asset distribution.

Incapacitation refers to the state in which someone is unable to act on his or her behalf. This state may be a temporary or permanent lack of mental capacity.

Inheritance refers to all assets received from someone who has died.

The order in which estate assets are distributed to heirs when a person dies without a will in accordance with state law. 

A marital deduction is an estate planning term to define a reduction on the federal estate tax return, allowing the first spouse that dies to leave an unlimited amount of assets to the surviving spouse free of taxes.

Assets that pass directly to a beneficiary outside of a probate proceeding, i.e. life insurance.

A way to distribute assets to beneficiaries where heirs of the same generation receive an equal amount. (Blue = Deceased | Green = Living | Red = Share of the Estate) In the below example, consider all grandchildren get the same share.

A way to distribute assets to beneficiaries where heirs of the same generation (i.e. Children) receive the same amount. If an heir of that generation is deceased, their share is equally divided among their heirs (i.e. Grandchildren). (Blue = Deceased | Green = Living | Red = Share of the Estate). In the below example,

A court action that deals with the administration of wills and other matters related to an estate.