ESTATE PLANNING LEGALESE


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. ​