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7.02

Vocab

TermDefinition
Asset A useful or valuable thing, person, or quality.
Beneficiary A person or institution who derives benefits from the creation of trust, proceeds of an insurance policy, bond, or retirement fund when the owner dies. There can be one or more beneficiaries.
Charity A non-profit organization.
Decedent 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. This person or institution pays the debts, manages the property and later distributes it according to the provisions of the will. Also known as Personal Representative.
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 leagally 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 tranfers 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 persons wishes reguarding prolonging his or her life by artificial, extraordinary, or heroic measures when death is inevitable.
Oppurtunity Cost The value of the next best alternative that must be forgone as a result of a decision.
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 time given up.
Trade-Off Giving up one thing for another.
Value A fundemental belief or practice about what is desirable, worthwhile, and important to an individual.
Will A written document representing the instructions of the deceasedfor the distribution of the estate.
Created by: MarkEfird