Estate Planning Terms

Heir vs. beneficiary: what’s the difference. While subtle, there are key differences between the two estate planning concepts.

Intestate and probate are important concepts to wrap your head around when trying to make sense of estate planning.

Read about what an attorney-in-fact is (hint: it’s not necessarily an attorney) and why it’s so important in estate planning?

Read about what a codicil is and how to use it to make amendments, additions, or deletions to an existing will.

Advance health care directives are legal documents that outline your medical wishes if you’re unable to communicate them. They offer peace of mind.

A special needs trust provides financial security for individuals with disabilities without affecting government benefits. Learn how they work, their types, and benefits.

Individual trusts provide full control and privacy for a single person, while joint trusts simplify management for couples. Each has unique benefits and drawbacks based on personal circumstances and estate planning goals.

A trustee manages a trust’s assets, ensuring they’re used according to the trust’s terms. Learn about trustee types, responsibilities, and how to choose the right one.

Pet trusts ensure your pet’s care after you’re gone. Learn how to create a plan that provides peace of mind.

Planning your estate involves choosing between wills and trusts. Understand their differences to make informed decisions for asset management and family care.

Estate planning involves understanding key terms like assets, beneficiaries, wills, trusts, and probate. This glossary simplifies complex concepts, aiding effective planning and asset protection.

Estate planning isn’t just for the wealthy. It’s vital for everyone to ensure assets are managed and wishes respected.