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7.02

Estate Planning

TermDefinition
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
Created by: Tate.cord70