Estate Planning
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| asset | valuable thing, person, or quality
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| beneficiary | one who benefits from an estate plan after a person dies
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| charity | non-profit
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| decedent | the deceased
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| estate | real and personal property that one owns
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| estate planning | plan of procedures following the death of someone
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| executor | (personal representative) person named in a will who must carry out the settlement of an estate
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| fiduciary | one entrusted w/ managing an estate (includes executor, guardian, conservator, trustee)
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| gift | lifetime transfer of property w/out receiving a payment
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| guardianship | established by a will
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| guardian | person legally charged w/ caring for a dead one's dependents
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| letter of last instruction | signed letter; detailed assets and liabilities;personal preferences of what to do w/ property; funeral and burial instructions
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| liability | money owed
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| living will | expresses one's wishes regarding prolonging his life by artificial, extraordinary, or heroic measures when death is inevitable
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| opportunity cost | cost of the next best thing in a trade-off
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| personal property | property owned by the deceased person
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| testator | person who makes the will
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| time utility | satisfaction received from time given up
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| trade-off | giving up one thing for another
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| value | belief of what is important to someone
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| will | written document; instructions of the decedent for distribution of the estate
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Created by:
Tate.cord70
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