When visiting a foreign country, it helps to know common words and phrases. Similarly, when navigating an area of law that seems foreign to you, understanding the definitions of the terms most often used can help you to understand the process and the final outcome. This is important, since you want to be sure that your wishes will be followed and your assets are protected. Here is a list of some of the terms you are most likely to hear when meeting with your estate planning attorney:

Will – A document that specifies the beneficiaries of the assets belonging to the testator, and also names the representative (or executor) who will be responsible for administering the assets to the named beneficiaries.

Trust – A legal arrangement in which property is legally owned and managed by an individual (or corporation), for the benefit of the beneficiary – who is the equitable owner of the property.

Property – Anything that can be owned, whether it is real or personal, legal or equitable, or an interest therein.

Beneficiary – An individual who receives the benefit of property from an estate or trust.

Heir – An individual that is entitled to receive an asset or property interest by virtue of rights granted under law in the absence of a will. The terms ‘heir’ and ‘beneficiary’ are not interchangeable, though they could refer to the same person in some situations.

Administration – The process of collecting the decedent’s assets, paying all debts and claims, and distributing the remainder of the state according to the wishes laid out in the will, or according to state intestacy rules in the absence of a will.

Intestate – When a person dies without a valid will. In such a case, the estate is distributed according to state laws on intestacy.

Executor – The person named in a will and appointed by the court to carry out the terms of the will and administer the estate. May also be referred to as a personal representative.

Grantor – A person who creates or contributes property to a trust.

Now that you have a basic grasp on some of the words and phrases your estate planning attorney is most likely to use, it’s time to move forward and get your estate plan in order. France Law has the knowledge and experience to help you make a plan that fits your needs – and that you understand and feel comfortable with!