Sometimes it is hard to understand lawyers because they seem to speak their own language. While WLF|Trust Company tries to speak plain english and avoid speaking in legalese, it is inevitable that legal terms will come up during the estate planning process. Here is a helpful glossary on the most commonly used terms:
Agent: Someone who is authorized by another to act for or in the place of that person.
Asset: Anything owned by someone that has a value.
Attorney-in-fact: Someone who is appointed to act as an agent for another under a Power of Attorney.
Beneficiary: One who benefits from the transfer of property.
Codicil: An addition to a Will that changes or replaces part of it.
Corporation: Company created by one or more persons based on state laws, owned by shareholders/stockholders, and owners have limited liability.
Decedent: Person who has died.
Descendant: Someone who descends from a common ancestor.
Durable: Type of Power of Attorney that allows it to remain