Administrator

Person appointed by a court to manage one's estate when he or she dies without leaving a will . Administrators have the same duties as executors.

Beneficiary

An individual designated to receive benefits, property or funds under a will or other contract, such as an insurance policy, trust or retirement plan.

Bequest

To give or leave something by a will (typically personal property or assets).

Codicil

A legal document made to modify an earlier or existing will.

Durable Power of Attorney

A written document that lets an individual designate another person to act on the person's behalf, even under circumstances such as the individual becoming disabled or incapacitated.

Endowment

A permanent gift that is invested and managed to provide security for the initial capital, and to provide a continuous stream of income that can be used for designated purposes forever into the future.

Executor (or Personal Representative)

Person named in a will to manage the estate. The person is responsible for collecting the property, paying legitimate debts and expenses and distributing your property and assets according to the provisions of your will.

Intestate

Term applied when an individual dies without a will.

Living Will

A legal document directing that the signer's life is not to be artificially supported under conditions of a terminal illness or life threatening accidents.

Planned Gift

A gift made from one's (anyone, not just the wealthy) assets to a church or other qualified charitable organization. Typically require some advance planning during one's lifetime.

Probate

Court process for determining validity of a deceased person's will.

Will

A legally executed document that directs how and to whom a person's property and assets are to be distributed after death.