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Finance 7.02

Estate Planning

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 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 a Personal Representative.
Fiduciary Someone entrusted with managing 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.
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 inevitable.
Opportunity 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, jewelery, stocks, etc.
Testator A person 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 individual.
Will A written document representing the instructions of the deceased for the distribution of the estate.
Created by: Tou Xiong