Estate Planning Glossary
TESTATOR/TESTATRIX - person who makes a Last Will and Testament.
EXECUTOR/EXECUTRIX - the person appointed by the testator in his Last Will and Testament to carry out the directions and requests in his will, and to dispose of his property according to his testamentary provisions.
GRANTOR/SETTLOR - the person who creates the trust.
TRUSTEE - the person appointed by the grantor to hold property in trust and administer the trust per the terms of the trust. The person who holds title to trust property and administers it for the benefit of the trust beneficiary.
FIDUCIARY - a general term for a person acting for the benefit of another such as an Executor or Trustee; a person holding the trust and confidence of another.
GUARDIAN - the person appointed to take care of the person and managing the property of another person who is a minor or is incapacitated/incompetent.
POWER OF ATTORNEY/ATTORNEY-IN-FACT - the person authorized by another to act in his place and stead.
HEALTH CARE AGENT - the person authorized to make health care decisions for another if that person is unable to do so.
PROBATE ESTATE - property passing upon death by the terms of the decedent’s trust; property that is owned solely by the decedent.
NON PROBATE ESTATE - property passing upon death either by contract (i.e. life insurance, IRA’s, pension) or by law (i.e. joint bank accounts, joint property, Totten Trust “in trust for” bank accounts, trust assets, life estate deeds) without the necessity of probate.
TAXABLE ESTATE - all property owned by the decedent including probate and non probate assets.
ISSUE: Children and descendants of the testator.
PER STIRPES: property passing by the roots. Example: Betty Smith, a widow, has two children, John and Jane. John has two children, Adam and Ashley. Jane has four children, Stanley, Stephanie, Stuart, and Susan. Betty’s will passes her property to her issue per stirpes. If both of Betty’s children are alive when Betty dies, her estate will be divided in half with one half passing to each of Betty’s two children. If Jane predeceases Betty, Jane’s half of the estate passes to her four children in equal shares of 12.5% of the whole estate to each child. If John preseceases his mother, his half of Betty’s estate goes to his children in equal shares of 25% of the whole estate.
PER CAPITA: Property passing by the head. In the above example, if John predeceases Betty and Betty’s will state that her property passes to her issue per capita, then her estate will be divided into thirds with one third to each to John’s children and one third to Betty’s daughter, Jane.
