Estate Planning & Probate Glossary of Terms

Estate planning comes with a vocabulary that can feel like a foreign language. Whether you're meeting with an attorney, reviewing a will, or navigating probate after a loss, these definitions will help you understand exactly what's being discussed — and why it matters.

A

Abstract of Title

The written report on a title search that shows the history of every change of ownership on a piece of real estate, and any claims against the property — such as easements, loans, deeds of trust, mortgages, liens, judgments, and property taxes.

Advance Directive

A legal document (sometimes called a living will or healthcare directive) that specifies a person's wishes regarding medical treatment if they become unable to communicate those wishes themselves. Often paired with a healthcare power of attorney.

Administration

A judicial process in which a court oversees the management and distribution of a deceased person's property when no valid will exists, or when one is required regardless.

Affiant

A person who signs an affidavit and swears to its truth before a notary public or other authorized official.

Affidavit

A voluntary written declaration of facts, sworn to and signed by the declarant before an officer authorized to administer oaths.

Agent

One who is authorized to act for or in place of another. In estate planning, often refers to the person named in a power of attorney.

Amendment

A change made by addition, deletion, or correction to a legal document. In estate planning, changes to a will are typically handled through a codicil rather than amending the original document.

Annuity

An obligation to pay a stated sum periodically to a stated recipient. Annuities are common in retirement planning and can be structured to provide lifetime income.

Asset

Any item that is owned and has value — including cash, real estate, investments, personal property, business interests, and digital accounts.

Assign

One to whom property rights or powers are transferred by another.

B

Beneficiary

A person designated to receive property or benefits as a result of a legal arrangement — such as a will, trust, life insurance policy, or retirement account.

Beneficiary Designation

The named recipient of an asset that transfers outside of probate — such as a life insurance policy, IRA, or bank account with a "transfer on death" designation. These designations override what a will says and should be reviewed regularly.

Bequest

The act of giving property through a will. A specific bequest names a particular item or amount; a residuary bequest covers whatever remains after other gifts are distributed.

Bond (Probate Bond)

A financial guarantee filed by a personal representative during probate proceedings, required by many courts to ensure the estate is administered faithfully. Not all estates require one.

C

Capital Asset

A long-term asset used in the operation of a business or to produce goods or services. In estate planning, this typically refers to real estate, investments, or business property.

Capital Gains Tax

A tax on income derived from the sale of a capital asset. Inherited assets often receive a "stepped-up basis," meaning the cost basis is reset to the asset's value at death — which can significantly reduce capital gains owed when the heir sells.

Caveat

A formal notice or warning given to a court requesting a suspension of proceedings. In probate, a caveat can be filed to object to a will being admitted.

Certificate of Title

A document indicating ownership of real or personal property, typically identifying any liens or other encumbrances against it.

Claim

The assertion of an existing right — any right to payment or equitable remedy, even if contingent. Creditors must file claims against an estate during probate to be paid.

Codicil

A supplement or addition to an existing will that modifies, explains, or qualifies it without replacing it entirely. A codicil must meet the same legal requirements as a will to be valid.

Conflict of Interest

A real or apparent incompatibility between one's private interests and fiduciary duties. An executor who stands to personally benefit from a decision affecting the estate may have a conflict of interest.

Conservator

A court-appointed person authorized to manage the financial affairs of someone who is legally incapacitated. Distinct from a guardian, who manages personal care.

Contest of Will

A legal challenge to the validity of a will or its terms, typically on grounds of lack of capacity, undue influence, fraud, or improper execution.

Creditor

A person or entity to whom a debt is owed. Creditors generally have the right to be paid from an estate before assets are distributed to heirs.

Custodian

A person or institution that has charge or custody of property, documents, or other valuables on behalf of another.

D

Decedent

A person who has died. Estate planning documents use this term to refer to the person whose estate is being administered.

Devisee

A person who receives real property through a will. The term "beneficiary" is more broadly used today, but devisee is still common in formal legal documents.

Disclaimer

The renunciation of a legal right or claim. A beneficiary may disclaim an inheritance — effectively refusing it — for tax or family reasons. Disclaimed assets typically pass as if the disclaiming party had predeceased the decedent.

Distribution

The process of apportioning and transferring estate assets to beneficiaries after debts, taxes, and administration costs have been paid.

Domicile

A person's permanent legal home — the state or country where they intend to reside indefinitely. Domicile determines which state's laws govern the probate of an estate.

Durable Power of Attorney

A power of attorney that remains in effect even if the principal becomes incapacitated. Without the "durable" designation, a standard power of attorney terminates upon incapacity — which defeats much of its purpose in estate planning.

E

Elective Share

The percentage of a deceased spouse's estate, set by state law, that a surviving spouse may claim regardless of what the will says. In most states, a spouse cannot be completely disinherited without their consent.

Estate

Everything a person owns at death — real property, personal property, financial accounts, business interests, and digital assets — minus debts and liabilities.

Estate Tax

A tax imposed on the transfer of a deceased person's estate. The federal estate tax applies only to estates exceeding approximately $13.6 million (2024). Many states have their own estate taxes with lower thresholds.

Executor / Executrix

The person named in a will to carry out the deceased's wishes — gathering assets, paying debts, filing taxes, and distributing property to beneficiaries. Also called a personal representative. The executrix is the feminine form, though "executor" is now commonly used regardless of gender.

Exempt Property

Property that, by law, creditors cannot seize to satisfy a debt. Certain assets — such as a homestead, a vehicle up to a certain value, and household furnishings — are exempt in most states.

F

Fair Market Value

The price a willing buyer would pay a willing seller in an arm's-length transaction. Used to value estate assets for tax and distribution purposes.

Family Allowance

A portion of a decedent's estate set aside by state law for a surviving spouse, children, or parents — regardless of what the will says or what creditors may be owed.

Fiduciary

One who owes another the duties of loyalty, good faith, and care when managing money or property. Executors, trustees, and agents under power of attorney are all fiduciaries. Breach of fiduciary duty can result in personal liability.

G

Grantee

The person to whom property is conveyed or transferred.

Grantor

The person who conveys or transfers property to another. In trust law, the grantor is the person who creates and funds the trust (also called the settlor or trustor).

Guardian

A person appointed by a court to care for a minor child or an incapacitated adult. Parents can nominate a guardian for minor children in their will; the court makes the final appointment.

H

Heirs

Persons entitled to inherit a deceased person's property under state intestacy laws when there is no valid will. Loosely used to refer to anyone who inherits, whether by will or by law.

Homestead

The primary residence of a person or family. Most states provide a homestead exemption that protects some or all of a primary residence's value from creditors.

I

Incapacitated Person

A person who is unable to make or communicate personal decisions due to mental illness, cognitive decline, developmental disability, or physical condition. Courts may appoint a guardian or conservator to manage affairs for an incapacitated person.

Insolvent

Having debts that exceed the value of assets. An insolvent estate may not have enough to pay all creditors, and state law determines the priority in which creditors are paid.

Interested Person

A person who has a legal right or claim in an estate or trust, including heirs, beneficiaries, creditors, and in some states, fiduciaries.

Intestate

Dying without a valid will. When a person dies intestate, the state's intestacy laws determine who inherits — which may not align with what the deceased person would have wanted.

IRA (Individual Retirement Account)

A tax-advantaged retirement savings account. IRAs pass to named beneficiaries outside of probate. Inherited IRAs have specific distribution rules depending on the relationship between the deceased and the beneficiary.

Irrevocable Trust

A trust that, once created and funded, cannot be modified or terminated by the grantor without the consent of beneficiaries. Often used for estate tax planning, Medicaid planning, or asset protection.

J

Joint Tenancy

A form of co-ownership in which two or more people hold equal shares of property, with a right of survivorship. When one joint tenant dies, their share automatically passes to the surviving joint tenant(s) — outside of probate.

Jurisdiction

The geographic area within which a court has legal authority to hear cases and render decisions. Estate matters are typically handled in the jurisdiction where the decedent was domiciled.

L

Last Will (and Testament)

The most recent legal document in which a person directs how their estate is to be distributed upon death. When multiple wills exist, only the most recent valid will is given effect.

Laws of Intestate Succession

State statutes that determine who inherits a person's estate when they die without a valid will. The order generally follows: spouse, children, parents, siblings, and more distant relatives.

Letter of Instruction

A non-binding personal document that accompanies legal estate planning documents. It provides practical guidance to family members and the executor — covering account locations, funeral wishes, digital assets, personal messages, and information not typically included in a will or trust. Unlike a will, it is not a legal instrument and does not control distribution of property.

Letters of Administration

A formal document issued by a probate court that authorizes an administrator (personal representative) to manage and distribute a decedent's estate, typically when no will names an executor.

Lien

A creditor's legal claim against a specific piece of property as security for a debt. Liens must typically be satisfied before property can be transferred with clear title.

Life Estate

An ownership interest in property that lasts only for the lifetime of a specified person. The life estate holder can use and benefit from the property, but cannot sell or bequeath it; it passes to the remainder beneficiary upon death.

Litigation

The process of resolving a dispute through the court system. In estate matters, litigation may arise from will contests, breach of fiduciary duty claims, or disputes among heirs.

Living Will

A legal document in which a person states their wishes regarding end-of-life medical treatment — including whether to use life-sustaining measures if they are terminally ill or permanently unconscious. Often used interchangeably with "advance directive," though the terms can have distinct meanings depending on state law.

P

Per Stirpes

A method of distributing an estate in which a deceased beneficiary's share passes to their descendants. For example, if a child predeceases the parent, that child's share would go to the child's own children (the grandchildren of the decedent).

Personal Property

Any movable or intangible property that is not classified as real property. Includes vehicles, jewelry, furniture, bank accounts, investments, and digital assets.

Personal Representative

The umbrella term for the person responsible for administering a deceased person's estate — whether named as executor in a will or appointed by the court as administrator. They gather assets, pay debts, file taxes, and distribute what remains.

Petition

A formal written request submitted to a court. In probate, a petition is typically filed to open an estate, admit a will, or appoint a personal representative.

Pleading

A formal court document in which a party sets forth or responds to claims, allegations, or defenses in a legal proceeding.

Power of Attorney

A legal document granting one person (the agent) authority to act on behalf of another (the principal) in financial, legal, or medical matters. A durable power of attorney remains effective if the principal becomes incapacitated. A power of attorney terminates at death.

Prenuptial Agreement

A contract entered into before marriage that specifies how assets and debts will be divided in the event of divorce or death. Can be used to protect separate property or to define each spouse's inheritance rights.

Principal

The person who authorizes another to act on their behalf as an agent. Also used to describe the primary asset or corpus of a trust, as distinct from income earned by the trust.

Probate

The court-supervised process of validating a will, appointing a personal representative, inventorying assets, paying debts and taxes, and distributing the remaining estate to beneficiaries. Not all assets go through probate — those with named beneficiaries or joint ownership typically pass outside it.

Probate Estate

The portion of a decedent's property that is subject to the probate process — generally assets that are solely owned and have no named beneficiary. Does not include jointly held property, assets in trusts, or accounts with beneficiary designations.

Q

Qualified Retirement Plan

A retirement plan that meets IRS requirements for favorable tax treatment — such as a 401(k), 403(b), or pension. These plans pass to named beneficiaries outside of probate and have specific distribution rules for inherited accounts.

R

Real Property

Land and anything permanently attached to it — buildings, fixtures, and improvements. Distinguished from personal property, which is movable. Real property owned solely in a person's name typically must go through probate unless held in a trust or with a beneficiary designation (such as a TOD deed where available).

Remainder Interest

The property or interest that passes to a beneficiary after an intervening interest (such as a life estate) ends.

Residuary Beneficiary

The person or entity entitled to receive what remains of the estate after all specific bequests, debts, taxes, and administration costs have been paid. The residuary clause of a will is one of the most important provisions it contains.

Residuary Estate

The portion of a decedent's estate remaining after specific bequests, debts, expenses, and taxes have been satisfied. If the will does not have a residuary clause, residual assets may pass by intestacy.

Revocable Trust

A trust that can be modified or revoked by the grantor at any time during their lifetime. Often used to avoid probate, provide for incapacity management, and streamline distribution. Also called a "living trust" or "revocable living trust."

Right of Survivorship

The right of a surviving co-owner to automatically inherit a deceased co-owner's share of jointly held property. Present in joint tenancy and tenancy by the entirety; absent in tenancy in common.

S

Secured Debt

A debt backed by specific collateral — such as a mortgage (backed by real property) or an auto loan (backed by the vehicle). Secured creditors have priority claim over that specific asset.

Self-Proved Will

A will that includes a sworn affidavit from the testator and witnesses, signed at the time of execution. A self-proved will can typically be admitted to probate without requiring witnesses to testify, simplifying the process.

Spendthrift Trust

A trust that restricts a beneficiary's ability to transfer or assign their interest, and prevents creditors from reaching trust assets before they are distributed. Often used to protect beneficiaries who may be poor money managers or have creditor issues.

Statute of Limitations

A law that sets the maximum time period within which legal action can be taken. In estate matters, this applies to creditor claims against an estate, will contests, and other challenges.

Subpoena

A court order commanding a person to appear before the court or produce documents. May be issued in contested probate or estate litigation.

Successor Trustee

The person or institution that takes over as trustee when the original trustee dies, resigns, or becomes incapacitated. Named in the trust agreement. This is one of the most important appointments in a revocable trust.

Surrogate

A person appointed or authorized to act in place of another. In healthcare, a surrogate may make medical decisions for an incapacitated person when no formal healthcare agent has been designated.

T

Tenancy by the Entirety

A form of joint ownership available only to married couples, in which each spouse owns the whole property. Includes right of survivorship and, in many states, protection from the individual creditors of either spouse. Terminated by death, divorce, or mutual agreement.

Tenancy in Common

A form of co-ownership in which two or more people hold separate, undivided shares of property — which may be unequal. There is no right of survivorship; each owner's share passes through their estate at death, not automatically to the co-owners.

Testator / Testate

A testator is a person who has made a valid will, particularly one who dies leaving one in force. To die "testate" means to die with a valid will. The opposite is to die "intestate."

Title

Legal evidence of a person's ownership rights in property. How title is held — individually, jointly, in a trust, or with a beneficiary designation — determines what happens to the property at death.

Trust

A legal arrangement in which one person (the trustee) holds property for the benefit of another (the beneficiary), according to the terms set by the person who created the trust (the grantor or settlor). Trusts can be revocable or irrevocable, and can serve many purposes: avoiding probate, managing assets for minors, planning for incapacity, or reducing estate taxes.

Trust Fund

The property held within a trust by a trustee for the benefit of the beneficiaries.

Trustee

The person or institution that holds legal title to trust property and manages it for the benefit of the beneficiaries, subject to the terms of the trust and fiduciary duties imposed by law.

U

Undue Influence

Pressure or coercion that overrides a person's free will in making legal decisions — such as signing a will or trust. A will made under undue influence can be contested and invalidated.

Unsecured Creditor

A creditor who has no lien or collateral backing their claim — such as a credit card company or medical provider. Unsecured creditors are paid from estate assets after secured creditors, but before beneficiaries receive distributions.

W

Waiver

The voluntary relinquishment of a legal right. In estate administration, a waiver might be signed by an heir to give up a challenge to a will, or by a surviving spouse to waive their elective share.

Will

A legal document in which a person (the testator) directs how their property is to be distributed after death and may name guardians for minor children. To be valid, a will must meet the legal requirements of the state where it is executed — typically requiring the testator's signature, witnesses, and sometimes notarization.