Glossary
Key terms used in estate planning and end-of-life preparation.
Terms
Agent
The person you designate to act on your behalf under a POA or healthcare directive. Also called "attorney-in-fact."
Beneficiary
A person or entity that receives assets from your estate, will, trust, insurance policy, or retirement account.
Community Property
Property acquired by a married couple during marriage. If you live in a community property state, assets acquired during marriage are generally owned 50/50 by both spouses.
Contingent Beneficiary
A backup beneficiary who inherits if the primary beneficiary cannot.
Durable Power of Attorney (DPOA)
A legal document authorizing someone to make financial decisions on your behalf; "durable" means it survives incapacity.
Estate
All property owned by a person at death.
Executor (Personal Representative)
The person named in your will to manage the probate process and carry out your wishes. Some states use the term "personal representative" instead.
Fiduciary
Someone legally obligated to act in another's best interest.
Funding a Trust
The process of transferring assets into a trust's name. Without this step, the trust has no effect on those assets.
Guardian
A person appointed to care for a minor child (guardian of the person) or manage a minor's finances (guardian of the estate/property).
HIPAA Authorization
A document authorizing your healthcare agent and family to receive your protected health information from healthcare providers.
Holographic Will
A will entirely in the testator's handwriting, typically not requiring witnesses. Recognition varies by state.
Intestate
Dying without a valid will. Your state's intestacy laws determine who inherits, which may not reflect your wishes.
Irrevocable Trust
A trust that generally cannot be changed after creation. Used for asset protection and estate tax planning.
Per Stirpes
A beneficiary designation meaning a deceased beneficiary's share passes to their descendants.
POLST
Physician Orders for Life-Sustaining Treatment. A medical order (not just a directive) governing emergency and end-of-life care.
POD/TOD
Payable on Death / Transfer on Death. Designations on accounts that allow assets to pass directly to named beneficiaries without probate.
Pour-Over Will
A will used alongside a living trust that directs any assets not already in the trust to "pour over" into it at death.
Probate
The court-supervised process of validating a will and distributing an estate. Required for assets that pass through a will; specific rules vary by state.
Revocable Living Trust
A trust you create and control during your lifetime, which passes assets to beneficiaries without probate at your death.
RUFADAA
Revised Uniform Fiduciary Access to Digital Assets Act. Adopted by most states, it governs fiduciary access to digital accounts and assets.
Successor Trustee
The person who takes over management of a trust when the original trustee is unable to serve.
Testator
The person who creates a will.