November 21, 2017

April 13, 2017

February 24, 2017

January 1, 2017

December 29, 2016

Please reload

Recent Posts

ESSENTIALS OF ESTATE PLANNING

October 6, 2016

1/1
Please reload

Featured Posts

ESTATE PLANNING LEGALESE

February 24, 2017

 

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 in effect if the principal become incapacitated.

Estate: All the property owned by a person.

Executor:  Person named by the Will to carry out its instructions.

Fiduciary: Someone who acts for the benefit of another with trust.

Guardian: Someone who has legal authority to care for a minor child or incapacitated person and their assets.

Health Care Agent: Someone who is appointed by a Health Care Proxy to make decisions related to healthcare and medical treatments for another who is not able to do so.


Heir: Anyone entitled inherit under the state laws of intestacy when the decedent dies without a Will.

 

Homestead: Home where owner primarily lives.​

Incapacitated: State when someone can not care for oneself or perform certain tasks.

Joint Tenancy:  Each tenant owns an equal share of the property and if one tenant passes away the other tenant(s) receives the share.

Limited Liability: State law that states the business owner/shareholder is not responsible for the business debts beyond the amount they invested in the business.

Net Worth: Value of all of a person’s assets minus his liabilities (what he owes).

Partnership: Agreement between two or more people to pool their assets/services  to operate a business.

Personal Property: Everything a person owns with the exception of real estate.

Probate: Court procedure to determine if there is a valid Will and to transfer property. I keep hearing I don’t want this, but what is it?  Usually want to avoid it because it is open to the public, takes a long time, and is quite costly.

Pro Bono: “For the public good.” Attorney working voluntarily without pay.

Revocable Living Trust: Entity created and made effective during a person’s life to hold assets and which can be amended or terminated.

Sole Proprietorship: Form of business in which one person owns all the assets and is personally liable for all the debts.

Specific Bequest: A gift of a specific item to a named beneficiary of the Will.

Tenancy by the Entirety: Way in which a husband and wife may own real estate so that if one passes away the spouse receives full ownership of the property.

Tenancy in Common: Form of ownership for two or more owners whereby if one passes away their heirs receive their share of the property.

Term Life Insurance Policy: Insurance on the life of a person whereby premiums are paid for certain period of time and if the person passes away during that time their beneficiaries receive the death benefit.

Trust Agreement: Document that creates an entity to hold assets and is managed by a Trustee for the named beneficiaries.

Trustee: Person or institution who cares for and manages property for the benefit of another.

Share on Facebook
Share on Twitter
Please reload

Follow Us
Please reload

Search By Tags
Please reload

Archive
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square

© 2020 WLF|TRUST&ESTATES

  • Grey Facebook Icon
  • Grey Pinterest Icon
  • Grey Twitter Icon
  • Grey LinkedIn Icon
  • Grey Google+ Icon
  • Grey Instagram Icon

Massachusetts Estate Planning, New Hampshire Estate Planning, Andover Estate Planning, North Andover Estate Planning, Methuen Estate Planning, Boxford Estate Planning, Tewksbury Estate Planning, Burlington Estate Planning, Winchester Estate Planning, Amesbury Estate Planning, Essex County Massachusetts Estate Planning, Middlesex County Massachusetts Estate Planning, Suffolk County Massachusetts Estate Planning, Boston Estate Planning

Wills Trusts Power of Attorney Health Care Proxy Advance Directive Living Will HIPAA Release Life Estate Realty Trust Nursing Home Protection Planning