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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

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ESSENTIALS OF ESTATE PLANNING

October 6, 2016

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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