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PF 7.02

QuestionAnswer
Charity A non-profit organization
Decedent The person who died
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. They pay the debts, manages the property, and later distributes it to the Will. (THEY MANAGE YOUR ESTATE)
Fiduciary Someone entrusted with managing an estate; includes executor, guardian, conservator trustee
Guardianship Established by a legal document called a Will.
Estate The real and personal property that a person owns
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. SOMEONE WHO TAKES CARE OF YOU (PARENTS)
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.
Living Will A legal document that expresses a person's wishes to give to when they die.
Personal Property Property owned by decreased individually, such as a car, jewerly, stocks
Testator A man or woman who makes a will.
Will A written document to give instructions of a dead person for the distribution of the estate.
Created by: abigail.xiong59