Advancement refers to a payment made by a parent to a child during the parent's lifetime, intended to go towards what the child would receive as a beneficiary or heir upon the parent's death.
The act of passing on personal property through a last will and testament.
A bequest is a gift made through a will, which dictates the transfer of property or assets from a deceased individual to beneficiaries.
A contingent beneficiary is an individual or entity entitled to receive the proceeds or benefits of a trust or estate only when a specified event occurs, such as the death of a named beneficiary.
A decedent is a term used in law and in financial contexts to refer to a person who has died. It is most commonly used in the context of estates, taxes, and legal proceedings.
A Generation-Skipping Transfer (GST) involves the transfer of financial assets or property to a recipient who is more than a single generation removed from the transferor, potentially incurring the generation-skipping tax (GSTT).
Gross estate refers to the total value of a person's assets before liabilities such as debts and taxes are deducted. It includes all types of property and accounts that the deceased owned or had an interest in.
The term 'heirs and assigns' is often found in deeds and wills and is used to grant a fee simple estate, indicating that the property being transferred is granted to the heirs and designated assigns of the recipient.
Inheritance refers to the process of acquiring property, assets, or obligations from an individual who passed away, often via a will or through legal operation.
Inheritance refers to real or personal property that is received by heirs. It generally includes property passed by will, and while the estate itself may be subject to federal estate tax, the recipient typically does not owe federal income tax on the inheritance.
The term 'legacy' refers to the disposition of personal property by will. This is a legal term often used in estate planning to describe a person’s wishes for distributing their tangible and intangible valuables after their death.
A legatee is an individual or entity that receives property or assets through the terms stipulated in a last will and testament.
Object-Oriented Programming (OOP) is a programming paradigm that uses 'objects' to design applications and computer programs. It utilizes several key concepts such as classes, inheritance, encapsulation, and polymorphism to create reusable and modular code.
A pecuniary bequest is a specific sum of money given to an heir as stated in a decedent's will.
Per stirpes is a method of estate distribution that ensures the descendants of a deceased heir receive their portion of the estate.
A primary beneficiary is the individual or entity first in line to receive benefits from a trust, retirement account, or life insurance policy upon the policyholder's death.
Probate is the legal process by which a will is proved valid or invalid, encompassing all procedures necessary to authenticate the document and administer the estate of the deceased.
Probate assets are those assets within an estate that are subject to probate and court disposition, and thus become part of public records.
Quick-succession relief is designed to prevent the severe double taxation of inheritance tax on the same property within a short timeline — specifically when two related individuals pass away within five years of each other.
A remainderman is the beneficiary entitled to the remainder or residue of an estate once expenses, specific legacies, and inheritance taxes have been satisfied. This term often comes into play in the context of trusts and will estates, designating who receives property after the preceding estate benefits or interest.
The right of survivorship is a legal concept in property ownership that permits the surviving co-owner(s) to automatically inherit the property upon the death of a fellow co-owner. This principle is particularly applicable to joint tenancy and tenancy by the entirety.
Survivorship refers to the legal right of a joint tenant or tenants to obtain ownership rights following the death of another joint tenant. It prevents heirs of the deceased from making ownership claims against the property.
Testamentary Powers of Appointment refer to the legal authority granted to an individual through a will to designate who will receive certain property or interests upon their death.
Testate is a legal term describing a situation wherein an individual has created a valid will before passing away. This will outlines how their assets and estate should be distributed.
A testator (or testatrix) is an individual who creates a will to dictate the distribution of their property and assets after their passing. Without a will, the property passes to the heirs according to state law or reverts to the state.
