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7.02

TermDefinition
Asset Useful or valuable thing, person, or quality
Beneficiary 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 Non-profit organization
Decedent Person who died
Estate 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 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 an estate; includes executor, guardian, conservator and trustee
Gift Lifetime transfer of property without receiving payment
Guardianship Established by a legal document called a wil
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
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, jewelry, 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 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
Created by: kalyncaudle