Beneficiary
A person or entity that benefits from the act of another.

Conservator
A guardian, protector, preserver. Person appointed by the court to manage the estate of one who is unable to manage property and business affairs effectively.

Estate
The total of assets and liabilites.

Estate Planning
The area of law which takes into account the laws of wills, taxes, insurance, property, and trust when carrying out a person's wishes for the distribution of his/her property upon his/her death.

Executor
The person designated in a will to carry out the directions and requests of the deceased person.

Guardian
Legal arrangement under which one person has a legal right and duty to care for another and his or her property.

Living Trust
A trust which is operative during the life of the person who created the trust.

Power of Attorney
A legal document in writing where a person grants another person the authority to perform certain specific duties on their behalf.

Probate
Court procedure by which the estate of decendent is administered

Testate
A person who has made a will; a person who has died leaving a will (testator).

Trust
A legal relationship created by a person or entity owning assets for the benefit of selected beneficiaries (persons or entities) which may include themself.

Trustee
A person appointed, or required by law to carry out a trust arrangement.

Will
A declaration of a person's wishes regarding the distribution of his/her property after his/her death.