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Getting Comfortable With Estate Planning Terminology
- By Judith Sterling and Michelle Tucker
- July 24th, 2018
[This article was originally published on August 15, 2006. The links were updated on July 24, 2018.]
Some people feel uncomfortable meeting with an attorney to discuss their estate planning needs because of an unfamiliarity with the law. A good lawyer will discuss your available options in simple terms that a person with no legal training can comprehend.
Local Elder Law Attorneys in Ashburn, VA
Ron M. Landsman, P.A.
Ron M. Landsman has been practicing elder law since 1983, before it was known as elder law, originally with Landsman and Laster, Washington, D.C., then Landsman, Eakes and Laster, also in Arlington, VA, and since 1990 in his own practice in Montgomery County, Maryland. He has been among the most active members of the...
Margaret A. O'Reilly, PC
Margaret A. O’Reilly is an estate planning and elder law attorney with over thirty-five years of legal experience. Attorney O’Reilly graduated from Duke University with a degree in psychology, and received her law degree from Northeastern University School of Law in Boston, Massachusetts. For over 15 y...
Hale Ball Carlson Baumgartner Murphy PLC
Jean Galloway Ball is certified in Elder Law by the National Elder Law Foundation. She is a 1977 honors graduate of the National Law Center, George Washington University, and she did her undergraduate work at the University of California at Berkeley, graduating Phi Beta Kappa in 1971. She is admitted to practice in Vir...
You can also relieve some of that hesitancy by familiarizing yourself with legal terminology before meeting with a qualified estate planning attorney to discuss the appropriate choices for you. The following is a short list of common legal terms that may come up in an estate planning meeting. Take just a few minutes to familiarize yourself with this list and keep it handy for future reference.
A person who is named under a Power of Attorney to act on behalf of another person.
A person or entity that receives a benefit from an estate, trust or asset transfer vehicle.
The legal process used to assemble and transfer a decedent's assets to the intended beneficiaries and settle a decedent''s outstanding debts.
A person who has passed away.
A person or entity who receives a gifted asset from a donor.
A person or entity who gifts an asset to another person or entity.
All the assets owned by a decedent upon his or her death.
The person responsible for settling a decedent's estate.
A person who transfers an asset to another person or entity.
Guardian of the Person:
A court-appointed supervisor in charge of the care of a minor or incompetent person''s physical well-being.
Guardian of the Estate:
A court-appointed supervisor in charge of the care of a minor or incompetent person's financial well-being.
A trust in which the trustor has not reserved the right to revoke and cannot change the wording in the trust.
A trust established and operating during the trustor's lifetime.
A trust in which the trustor reserves the right to revoke.
The creator of a will.
A legal arrangement created to facilitate the transfer of property to a trustee for the benefit of a beneficiary.
A person or entity named in a trust agreement to be responsible for holding and administering the trust assets according to the terms of the trust.
A person who creates a trust. (Also sometimes called a "grantor" or "settlor.")
A legal document used to transfer assets upon a decedent''s death.
Attorneys Judith Sterling and Michelle Tucker are partners in the Honolulu, Hawaii, law firm of Sterling & Tucker. To visit the firm's home page, click here.
Last Modified: 07/24/2018