Estate Planning Forms, Wills & Trusts

PENNYBORN™

Estate Planning

Financial Decisions

Title to Property

Social Security Benefits

Domestic Partners

For Women

State Laws

Newsworthy Cases

Estate Plan Tips & FAQs

Glossary of Terms A-G

Glossary of Terms H-N

Glossary of Terms O-Z

Unequal Shares

Dying Without a Will

Wills & Trusts

Types of Wills

Living Trusts

Other Types of Trusts

Trust Law

Fatal Errors in Execution

Codicils/Amendments

Inheritances

Will & Trust Disputes

Disinheriting an Heir

Community Property

Change My Will

Specific Bequests

Making Specific Bequests

Medical Decisions

Living Wills

Health Care POA

Medical Decision Laws

Terminal Illness

Right to Die

DNR Orders

Advance Directives

Children

Guardianship

Single Parents

Blended Families

Special Needs Trusts

College Funds

Medicaid for Children

Gifts to Minors UTMA

Adopted Children

NonMarital Children

Dependent Adult Child

Child Guardian Letter

Lump Sum Inheritance

Estate Taxes

Gifts and Gifting

Charitable Giving

The Marital Deduction

Find a Tax Professional

Generation Skipping Tax

Inheritance Tax

Estate Tax Info

Pets

Pet Trusts

Pet Retirement Homes

The Law on Pet Trusts

Funding Pet Trusts

Letter to Pet Guardian

Pet Owners Estate Plan

Pet Trust Info

Memorial Preferences

Funerals & Services

Cremation

Burial Options

Funeral/Burial Expenses

Organ Donation

Disposition of Remains

Funeral PrePaying

Write an Epitaph

List of Epitaphs

Burial Assistance

Write Last Wishes Letter

Life Insurance

Types of Policies

Viatical Settlements

Insurance Companies

Life Insurance Trusts

On Adult Children

Financial Planning

IRA's & Your Estate Plan

401K's & Your Estate Plan

Annuities & Your Estate

Find a Financial Planner

Long-Term Care Insurance

LTC Policy Fine Print

Inherited IRA's

Charitable Gift Annuities

Small Business

Types of Entities

Shareholders Agreements

Business Succession Plans

Selling the Business

Need for Liquidity

Probate

Probate of Small Estates

Probate an Estate

Probate Questions

Probate Lawyer

Executor Bonds

Free Probate Guide

Estate Administration

For Executors

Executor Checklist

Executor Powers

Creditor Claims

Estate Property Form

Tax Returns Due

Safe Deposit Boxes

File Will of Deceased

Death Certificate

Issues facing Seniors

Tips for Seniors

Info for BabyBoomers

Long Term Care

Assisted Living

Medicaid Planning

Dementia & Wills

Funerals and Medicaid

Books & Software

Estate Planning Books

Software

Will & Trust Books

Books About Probate

Funeral Planning Books

Medicaid Planning Books

Books for Trustees

Living Will Books

IRA 401k & Annuity Books

Estate Tax Books

Long Term Care Books

Last Wishes Planners

Free Estate Planning

Free Estate Plan Forms

Last Wishes

Estate Plan Coversheet

Estate Planning Worksheet

Pet Guardian Form

Contesting a Will

Holographic Wills

Undue Influence

Proving Undue Influence

More About Trusts

QTIP Trusts

CharitableRemainderTrusts

PowerofAppointment Trusts

Spendthrift Trusts

Dynasty Trusts

Minor's Trust

Crummey Trusts

Irrevocable Trusts

Terminate a Trust

Guide to Living Trusts

Benefits of Living Trusts

Living Trust Checklist

Living Trust Property

Revoke Living Trust

Forms for Trustees

For Successor Trustees

Trust Administration

For Trustees

Trustee Checklist

Living Trust Accounting

Trust Accounting

Open Trust Account

Administer a Trust

How to End a Trust

Trust Law Sources

Spouses & Partners

Spousal Share

Partner's Share

Joint Wills

Required to File Will

Disinherit-a-Spouse

Title-Property-Disinherit

Legacy Planning

Unwanted Pets

Animal Charities

Non-Probate Transfers

Pay on Death Accounts

Transfer on Death

Funeral Planning Guide

Best Funeral Songs

Last Wishes Letter

How to Plan Your Funeral

Greedy Heirs

Adult Child's Inheritance

Protecting Parents From

Greedy Siblings

Estate Planning Questions

Safe Deposit Box

Leave Stock in Your Will

Questions-About-POAs

Why Leave Last Wishes

Heirs and Beneficiaries

Debts Owed to Deceased

 
Glossary of Estate Planning, Trust, and Probate Terms H Through N

Health Care Directives: See definition of Living Will.

Holographic Will: A holographic will is a type of will in which all material provisions or the entire contents, including the date and signature, are written entirely in the testator’s own handwriting and not properly attested by witnesses.



Inheritance Tax:A tax some states impose on the beneficiaries of estates. An inheritance tax is based on the beneficiary’s right to receive property owned by the decedent at death. An inheritance tax is levied only on an individual beneficiary’s inherited portion of the estate, not the entire estate. The amount and rate of inheritance tax is based on such factors as the value of property received by the beneficiary and the beneficiary’s relationship to the decedent.

Inherited IRA: An account that may be opened by the beneficiary of a deceased owner’s Traditional, Roth, Rollover, SEP or SIMPLE IRA to keep inherited retirement funds tax-deferred, subject to minimum required distributions or MRD’s required by the IRS. When a beneficiary inherits an IRA, they need to be aware of Inherited IRA Rules.

Institutionalized Spouse: A term used in federal and state Medicaid regulations to refer to the spouse that requires nursing home care. For more information, see Community Spouse.

Interference with Inheritance: A tort that is recognized in some states in the U.S. A claim for Interference with Inheritance is a cause of action that may be asserted in some jurisdictions when an heir or beneficiary is deprived of an inheritance because another party acted intentionally to tortiously interfere with the plaintiff's expectancy of a gift or inheritance.

In-Terrorem Clause: See No-Contest Clause.

Inter Vivos Trust: A trust created while the grantor or settlor is alive. A living trust is an inter vivos trust because the grantor creates a living trust and transfers property to the living trust during his lifetime.

Intestate: To die intestate means to die without a will. When a person dies without a will, his property is distributed according to the intestate succession laws of the state where he was domiciled at death.

Irrevocable Life Insurance Trust: A type of trust used in estate planning that cannot be revoked or changed by the grantor or trustor. In an irrevocable life insurance trust, the owner of a life insurance policy transfers the policy and/or money to pay life insurance premiums, to a trust for the benefit of his beneficiaries. The trust maintains ownership of the life insurance policy to reduce the size of the original owner’s estate for estate tax purposes.

Issue: In estate planning and probate, the term issue refers to a person’s descendants, such as children, grandchildren, and great grandchildren.

Joint Will: A joint will is a single document that contains the wills of two individuals, such as a husband and wife. This type of testamentary document may also be drafted as a joint and mutual will.

Letters of Administration: In probate, letters of administration are issued by court order authorizing the court-appointed administrator to act and fulfill the duties of administrator of the deceased person’s estate.

Letters Testamentary: In probate, letters testamentary are issued by court order authorizing the executor to act and fulfill the duties of executor of the deceased person’s estate. For more details, go to Letters Testamentary Form.

Last Wishes: Also called Memorial Preferences, Last Wishes are the types of services and manner of final disposition of your remains you prefer after your death, including things such as cremation, burial, cemetery plot, funeral service, organ donation, scattering of ashes, headstone, memorial donations, etc.

Letter of Instruction: A type of letter prepared when the testator's estate planning documents have been completed. A Letter of Instruction provides information to the executor, trustee or next of kin about where to find important documents and how to begin the process of settling the estate.

Living Will: Also called Health Care Directives, Advance Directives or Medical Directives. A Living Will is a legal document in which the maker specifies whether he wants to receive life-sustaining measures such as feeding tubes, respirators, defibrillation, cardiac resuscitation, hydration, and nutrition if he is in a permanent vegetative state or has a terminal illness with no reasonable expectation of recovery. A Living Will is used when the maker is incapacitated or otherwise unable to communicate his wishes regarding health care.

Long-Term Care Annuity: A long-term care annuity is an insurance contract in which the purchaser pays the insurer a lump sum of money and receives guaranteed monthly payments for a specified term. The monthly payments may be used to pay for long term care services or long term care insurance. Long term care annuities offer tax advantages, may be purchased by individuals that do not qualify for long term care insurance, and allow unused amounts to be passed to beneficiaries.

Marital Deduction: A federal deduction that allows a married spouse to pass his or her entire estate to a surviving spouse free of federal estate taxes and gift taxes, provided the surviving spouse is a U.S. citizen.

Medicaid Estate Recovery: A term used to describe a state’s program to recoup funds expended on long term care and other services for a Medicaid recipient by collecting on the deceased recipient’s property.

Medicaid Planning: The process of “spending down”, rearranging or otherwise making changes to one’s assets, income, and financial status in an effort to become eligible for Medicaid benefits.

Memorial Preferences: See Last Wishes.

Miller Trust: Also called a Qualified Income Trust, QIT, Income Only Trust, Income Cap Trust, and Income Assignment Trust, a Miller Trust is a type of irrevocable trust used in Medicaid Planning. A Miller Trust is designed for a person that receives too much income to qualify for Medicaid but not enough income to pay the entire cost of nursing home care. This type of income-only trust is used by some people to lower their income in a way that allows them to be eligible for Medicaid.

No-Contest Clause: Also called an In-Terrorem Clause, a No-Contest Clause is a provision in a will or living trust which says that if a beneficiary contests the will or living trust, the beneficiary automatically forfeits any bequest or inheritance made to the beneficiary.

Note: This page provides an educational overview of terms that may be used in estate planning, wills, trusts, and probate in the United States. The meaning of these terms may vary depending upon applicable federal and state laws which change frequently. Always consult a licensed attorney regarding any legal issues or questions. For the definition of related terms, go to Glossary of Estate Planning Trust and Probate Terms O Through Z.

Updated on September 30, 2019.


Estate Planning and Trust Administration

THIS WEBSITE USES COOKIES. BY CONTINUING TO USE THIS SITE, YOU ARE PROVIDING US WITH YOUR CONSENT TO OUR USE OF COOKIES. PLEASE SEE OUR PRIVACY POLICY FOR DETAILS. 

I ACCEPT

Copyright © 2009 - 2022 Pennyborn.com. ALL RIGHTS RESERVED. Pages, articles, paragraphs, forms, letters, images, photos, and other content on this site may not be copied, excerpted, reprinted, republished, broadcast, rewritten or redistributed.  The marks PENNYBORN and Pennyborn.com are trademarks and may not be used without our prior written consent. It is a violation of state and federal law to use a trademark without permission.

INFORMATION ON THIS SITE, INCLUDING ARTICLES, ESTATE PLANNING FORMS, AND THE ESTATE PLANNING BLOG, DOES NOT CONSTITUTE LEGAL, FINANCIAL OR TAX ADVICE. Pennyborn.com is not a law firm and is not a substitute for a lawyer. Your use of this site does not create an attorney-client relationship. Information on this site is for educational purposes only and may not be accurate, complete or up to date.

Your use of this website constitutes acceptance of our Terms of Use.

For information about Pennyborn.com and how to advertise on this website Contact Us.