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7.02 Vocabulary
Term | Definition |
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Asset | A useful or valuable thing, person, or quality |
Beneficiary | A person or institution who derives benefits from the creation of a trust, proceeds of an insurance policy, bond, or retirement fund when the owner dies. There can be one or more beneficiary |
Charity | A non-profit organization |
Decendant | The person who died |
Estate | The real and personal property that a person owns |
Estate Planning | Provides a clear plan for what should happen upon the death of an individual |
Executor | A person or institution named in a will to carry out the settlement of an estate |
Fiduciary | Someone entrusted with managing an estate; includes executor, guardian, conservator, and trustee |
Gift | A lifetime transfer of property without receiving payment |
Guardianship | Established by a legal document called a will |
Guardian | A person legally charged with the duty of taking care of another who, because of age intellect, or health, is incapable of managing his or her own affairs |
Letter of Last Instruction | A signed letter that provides a detailed inventory of assets and liabilities, describes personal preferences about transfers of many odd pieces of personal property, and contains funeral and burial instructions |
Liability | Any money that a person owes others |
Living Will | A legal document that expresses a person's wishes regarding prolonging his or her life by artificial, extraordinary, or heroic measures when death is ineviatble |
Opportunity Cost | The value of the next best alternative |
Personal Property | Property owned by the deceased individually, such as a car, jewelry, or stocks |
Testator | A man or woman who makes a will |
Time Utility | Concept that refers to satisfaction received from the time given up |
Trade-off | Giving up one thing for another |
Value | A fundamental belief or practice about what is desirable, worthwhile, and important to an individual |
Will | A written document representing the instructions of the deceased for the distribution of the estate |