It is easy for attorneys to forget that the specialized terms we toss around every day are not words that most people have ever heard before. At Monk Law, we go out of our way to ensure our clients fully understand all of the documents they are signing, and the terms in them.
It is our duty to our clients to make sure that we communicate clearly, so below is a list of common estate planning terms and a plain English definition of them. It’s a good refresher if you need to look something up again after you have left our office, and can serve as a cheat-sheet if you are working with an attorney who could do better with their lawyer to English translation.
Administration — The process of handling the affairs of a deceased person’s estate or
Administrator — The person who will manage the deceased person’s estate. The terms “personal representative” and “executor” may also be used.
Advance Directive — A document that provides directions to healthcare providers at the end of one’s life. It is sometimes called a living will.
Age of Majority — The age when someone becomes an adult in the eyes of the law. In both North and South Carolina, it is 18.
Beneficiary — A person who benefits from a trust, or who receives something when someone else dies.
Codicil — An amendment to a will that can be made without re-doing the entire estate plan.
Domicile — Fancy word for one’s home or permanent residence.
Donor/Donee — A donor is a person who gives a gift, and a donee is
Escheat — When someone dies with no known beneficiaries or heirs, and his or her property is given to the government.
Executor — The person who will manage the deceased person’s estate. The terms “personal representative” and “administrator” may also be used.
Heir — Someone who inherits property from the estate of a deceased person who died without a will.
Intestacy/Intestate — Dying without a will.
Issue — Descendants and adopted descendants, so children, grandchildren, great-grandchildren, etc.
Irrevocable Trust — A trust that cannot be amended or revoked after it is created. Many trusts become irrevocable after their creator dies.
Joint Tenancy with Right of Survivorship — When property is co-owned, but will ultimately become solely-owned by the owner who lives the longest.
Living Will — A document that provides directions to healthcare providers at the end of one’s life. It is sometimes called an advance directive.
Personal Representative — The person who will manage the deceased person’s estate. The terms “administrator” and “executor” may also be used.
Per Stirpes — A common way to divide up assets at death. The pot of assets
Power of Attorney — A written legal document that gives an individual the authority to act on behalf of someone else. Many people appoint a powe