Planning an estate involves fitting together many pieces. This book explains in a straightforward and easy-to-understand way...Read more
Getting Comfortable With Estate Planning Terminology
- By Judith Sterling and Michelle Tucker
- July 17th, 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.
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.
Local Elder Law Attorneys in Ashburn, VA
Hammond and Associates, LLC, Elder Law, Estate Planning, Wills, Trusts, Probate
For Jeffrey Hammond, the practice of Elder Law is personal. Jeff’s many years of experience in law and in business did not prepare him for the crisis he faced in 2005 and 2006 when his father suffered a stroke and both of his parents suffered from dementia and other medical problems. At that time, Jeff began an i...
Hale Ball Carlson Baumgartner Murphy PLC
Attorney Samantha Simmons Fredieu is an associate at Hale Ball. Ms. Fredieu graduated magna cum laude from Vermont Law School where she was the symposium editor on the Vermont Law Review, a production editor on the Vermont Journal of Environmental Law, and a member of the Moot Court Advisory Board. She has clerked for...
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 ElderLawAnswers home page, click here.
Last Modified: 07/17/2018