As a law firm specializing in living trusts, estate planning, and probate solutions, we understand that legal terminology can be overwhelming and confusing. Therefore, we have compiled a glossary of legal terms to help our clients and users better understand the legal concepts central to our practice. This glossary includes definitions for critical legal words such as living trust, estate planning, and probate, as well as other important legal concepts such as trustees, beneficiaries, wills, power of attorney, guardianship, conservatorship, trust administration, estate tax, and more. By familiarizing yourself with these legal terms, you can better understand the legal processes involved in protecting and managing your assets. As always, our legal experts are here to provide you with the guidance and support you need to navigate these complex legal matters.
Glossary of Estate Planning Terms
- Living Trust: A legal document allowing you to transfer your assets to a trustee during your lifetime and then to your beneficiaries upon death without going through probate.
- Estate Planning: Preparing to transfer your assets to your heirs or beneficiaries after your death. Estate Planning can include the creation of a will, a living trust, and other legal documents that outline your wishes.
- Probate: The legal process of distributing the assets of a deceased person according to their will or, if there is no will, according to state law.
- Trustee: The person or entity named in a living trust responsible for managing and distributing the trust assets according to the trust document’s terms.
- Beneficiary: The person or entity named in a living trust entitled to receive the trust assets upon the grantor’s death.
- Will: A legal document outlining how a person’s assets will be distributed upon death.
- Power of Attorney: A legal document that gives another person the authority to act on your behalf in legal or financial matters.
- Executor: The person named in a will responsible for carrying out the deceased’s wishes.
- Guardianship: The legal process of appointing a person to care for the personal and financial needs of a minor or incapacitated adult.
- Conservatorship: The legal process of appointing a person to manage the financial affairs of a minor or incapacitated adult.
- Trust Administration: Managing and distributing a living trust’s assets after the grantor’s death.
- Estate Tax: A tax imposed on the transfer of assets upon the death of an individual.
- Gift Tax: A tax imposed on transferring assets as a gift during a person’s lifetime.
- Intestate: A person who dies without a valid will.
- Living Will: A legal document that outlines a person’s wishes regarding medical treatment in the event of incapacity or terminal illness.
- Advanced Healthcare Directive: A legal document that outlines a person’s healthcare wishes and appoints a healthcare agent to make decisions if they become incapacitated.
- Community Property: A form of joint property ownership in which spouses have equal rights to all property acquired during the marriage.
- Separate Property: Property owned by one spouse is not considered community property.
- Revocable Trust: A living trust that can be amended or revoked during the grantor’s lifetime.
- Irrevocable Trust: A living trust that cannot be amended or revoked once created.
Contact Max Alavi APC, OC Trusts Lawyer Today.
This glossary has helped clarify some legal terminology related to a living trust, estate planning, and probate. If you have further questions about these concepts or need assistance creating a living trust, developing an estate plan, or navigating the probate process, don’t hesitate to contact Max Alavi APC, OC Trusts Lawyer law firm. Our experienced legal experts are dedicated to providing the guidance and support you need to protect your assets and secure your legacy. Contact us today to schedule a consultation and learn how we can assist you with your living trust, estate planning, probate, and trust litigation needs.