What is a power of attorney? What is a living trust? Who is a testator and a trustee? Here are a list of estate planning words and phrases that are useful to know as you plan your own estate.
https://www.yuandyulaw.com/glossary-of-estate-planning-terms
Administration The process during which the executor or personal representative collects the decedent’s assets, pays all debts and claims, and distributes the residue of the estate according to the will or the state law intestacy rules.
Administrator The fiduciary appointed by the court to manage an estate if no executor or personal representative has been appointed.
Attorney-in-Fact The person named as agent under a power of attorney to handle the financial affairs of another.
Beneficiary A person who will receive the benefit of property from an estate or trust through the right to receive income or trust principal over a period of time.
Community property A form of ownership in certain states, known as community property states, under which property acquired during a marriage is presumed to be owned jointly. California is a community property state.
Conservator An individual or a corporate fiduciary appointed by a court to care for and manage the property of an incapacitated person, in the same way as a guardian care for and manages the property of a minor.
