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7.02
Estate Planning
Term | Definition |
---|---|
asset | valuable thing, person, or quality |
beneficiary | one who benefits from an estate plan after a person dies |
charity | non-profit |
decedent | the deceased |
estate | real and personal property that one owns |
estate planning | plan of procedures following the death of someone |
executor | (personal representative) person named in a will who must carry out the settlement of an estate |
fiduciary | one entrusted w/ managing an estate (includes executor, guardian, conservator, trustee) |
gift | lifetime transfer of property w/out receiving a payment |
guardianship | established by a will |
guardian | person legally charged w/ caring for a dead one's dependents |
letter of last instruction | signed letter; detailed assets and liabilities;personal preferences of what to do w/ property; funeral and burial instructions |
liability | money owed |
living will | expresses one's wishes regarding prolonging his life by artificial, extraordinary, or heroic measures when death is inevitable |
opportunity cost | cost of the next best thing in a trade-off |
personal property | property owned by the deceased person |
testator | person who makes the will |
time utility | satisfaction received from time given up |
trade-off | giving up one thing for another |
value | belief of what is important to someone |
will | written document; instructions of the decedent for distribution of the estate |