Administrator: A person or institution appointed by the court (in the absence of a will otherwise naming an Executor) to distribute the assets according to state law and pay creditors and taxes.

Conservator: Person or institution designated by the court to protect the interests of an incompetent, and act on his or her behalf.

Decedent: The person who passed away.

Estate: The assets and liabilities left by a decedent.

Executor: A person or institution named in a will and appointed by the court to distribute the assets as directed and pay creditors and taxes.

Family Limited Partnership: A legal partnership between members of a family for the management and control of property, its purpose is to minimize transfer taxes.

Heir: A person that will inherit assets.

Intestate: Dying without a legal will.

Irrevocable Trust: A trust that cannot be changed or cancelled without the consent of the beneficiary.

Joint tenancy: A way to title (own) property where each person (tenant) owns an undivided whole. When one tenant dies, his or her interest passes to the survivor.

Marital exemption: A tax provision that allows an unlimited amount of property of one spouse to transfer to the other upon death without incurring estate or gift tax.

Personal Representative: An all inclusive term for the Executor or Administrator of a probate estate.

Probate: The court process of reviewing the authenticity of a will and the process by which an executor or court-appointed administrator pays all the obligations of the deceased’s estate and distributes the property to the rightful heirs.

Revocable Trust: A legal document that may be changed or cancelled that allows you to maintain control of and use your assets. It is used to avoid probate court and for estate planning purposes.

Testate: Having a legal will.

Will: A legal document that directs distribution of assets upon death.