Archives: Glossary Terms
Intestacy
Occurs when an individual dies without a valid last will...
Inventory
A detailed list of a decedent’s assets that is filed...
Irrevocable Trust
A trust that cannot be terminated or revoked or otherwise modified...
Joint Tenancy
An ownership arrangement in which two or more persons own property...
Last Will and Testament
A writing specifying the beneficiaries and naming a representative...
Life Beneficiary
An individual who receives income or principal from a trust...
Life Estate
The interest in property owned by a life beneficiary with the legal right...
Living Trust
See Revocable Trust.
Marital Deduction
An unlimited federal estate and gift tax deduction for property...
No-Contest Clause
A clause in a last will and testament or trust which...