One appointed by the court to manage an estate when he/she dies without leaving a will. Also known as an executor.
A fixed sum of money which is paid yearly or at regular intervals.
Property that has increased in value, such as real estate or stocks.
A person(s) or entity designated to receive some form of benefit from a legal will or contract from the deceased such as an insurance policy or estate.
The leaving of something such as personal property or any other assets through a will.
The transferring of gifts (cash or other assets) to a charitable organization with the promise that the organization will pay you an annuity for a set term or life.
A charitable organization is designated as the beneficiary of a trust's assets.
An addition to a will modifying, explaining or changing the terms of or otherwise qualifying the terms of the will.
The original value of a sum of money one invests into a particular fund or security before appreciation or depreciation.
Giving legal authority to an individual to act on a person's behalf should they become unable to do so.
A minimum initial contribution level required to annually generate thereafter the amount of interest earnings necessary to fund the program of the donor's declaration (i.e., scholarships, education, etc.). Donors can make additional contributions to an endowment and the interest earnings generated thereof would be expended in accordance with the guidelines set forth at the endowment's inception. Endowments can be named for the purpose of carrying on one's legacy in perpetuity.
Process of giving what you have, to whom you want, when and how you want.
A tax on the transfer of property at one's death.
The person given authority per legal documentation to manage an estate, collect and distribute property and pay debts according to the will.
A scholarship without an accompanying endowment or with an account that contains less than the minimum endowment of $10,000 requirement. An account is created for the scholarship and contributions are distributed to that particular account. The scholarship is awarded each year until the fund is depleted.
One who is legally responsible for the distribution, investment and management of funds. Examples are administrators, executors and trustees.
Donation of a Non-monetary asset to charity.
A tax that the person making a gift will pay rather than the person receiving the gift.
The seller of real property or someone who transfers assets into a trust to benefit another.
The total amount of an individual's property which is subject to estate and gift tax.
A person who is legally entrusted by law to care for and manage the property and rights of one who is unable to care for and manage their own affairs.
The rights, advantage and ownership one has in property.
The succession of heirs after an individual dies without having a will.
A trust that has the proceeds of an individual's life insurance policy as its principal.
A trust established to ensure that property and assets are transferred to an heir(s) according to the wishes of the deceased.
Legal right to refuse medical treatment or artificial support from healthcare providers in the case of a terminal illness or accident.
Spousal transfer of unlimited property which is free of estate and gift tax.
A gift/donation given in memory of a loved one, friend or colleague. Permanent endowments are often funded with memorial gifts enabling one's legacy to be carried on in perpetuity.
Documentation stating that one person has the legal authority to act on behalf of another in legal and business matters.
When the court must determine the legal validity of one's will.
When a trust is created upon death by the terms of the deceased's will.
A person who leaves a will when they die.
A legal document created during the lifetime or at the death of someone in order to benefit another.
The party given legal responsibility of property to be held in the best interest or subsequent benefit of another.
A legally binding document that gives direction as to the distribution of property and assets after death.