gay legal terms

 

Please hover your mouse over a word to see the definition:

1.
AdministratorThe person named by you in your Last Will to represent, manage and distribute your assets to your beneficiaries.  If you do not make a Will or if the person you named is not able to act as administrator, the probate court will appoint someone. Also known as Personal Representative or Executor. 11. Estate TaxA tax on the right to transfer property to your heirs and/or beneficiaries after your death. 21. Living WillA document which directs that artificial life support and/or other extraordinary medical treatments should not be used if a person is suffering from an illness or injury whereby death is imminent of if that person is in a persistent vegitative state. 31.
Specific Bequest A gift of a specific amount of money or a particular item of property that is given in a Will or Trust to a named beneficiary.
2. Attorney-in-FactThe person who is given the authority to make decisions on behalf of a person who signs a Power of Attorney for Medical and Financial decisions. 12. ExecutorThe person named by you in your Last Will to represent, manage and distribute your assets to your beneficiaries.  If you do not make a Will or if the person you named is not able to act as administrator, the probate court will appoint someone. Also known as Personal Representative or Administrator. 22. Personal RepresentativeThe person appointed by you (in your Will) or by a probate court to represent, manage and distribute assets belonging to a decedent which are subject to probate.  Also called Executor or Administrator. 32. Tangible Personal Property An individual's personal belongings such as furniture, clothing, jewelry and the like.
3. BeneficiaryA person who is or will be a recipient of benefits (cash, real estate and other assets) from a Will, a Trust, a Life Insurance Policy, a retirement plan, an Estate, etc. 13. GrantorA person who creates, signs and funds a Trust.  Also known as 'Donor' or 'Settlor.' 23. Per Stirpes The phrase "per stirpes" in your Will or Trust, protects the child or children of your beneficiaries. Without the phrase included after a distribution to a beneficiary, if that beneficiary predeceases you, his or her child will not have a right to inherit his or her parent's share of your estate. The phrase allows a beneficiary's child to stand in the place of a deceased parent. 33. Tenants-in-Common A form of joint ownership where two or more parties own an undivided interest in real property (home or land).  Upon the death of a tenant-in-common, the deceased tenant's share does not automatically pass to the surviving joint tenants.  Rather, it passes to a named beneficiary or legal heir. In order to create ownership of property that automatically passes to your partner, you need to create a deed that names both of you as joint tenants with rights of survivorship.
4. CodicilA separate written document that amends (adds to or changes) a previously signed Last Will and Testament. Similar to an amendment to a Trust. 14. GuardianAn individual appointed (by you or a court) to be responsible for the person and/or property of a minor child or an incompetent adult. 24. Pour Over Will A Last Will that provides for probate assets to be distributed to a Living Trust upon the death of a person who has created both a Will and a Trust. 34. Testator A male individual who signs a Last Will.
5. Community PropertyProperty and assets acquired during a legal marriage, a legally recognized civil union or domestic partnership arrangement. Generally speaking, community property will be divided equally in the event of a break-up.  Assets belonging to partners who are in a legally recognized relationship and who live in a "community property state" will be presumed to be community property unless it can be proved to be owned individually (for example, via a Pre-Nuptial, Living Together or Partnership Agreement).  Property gifted to or inherited by a partner may not be regarded as community property. 15. Health Care AgentA person appointed by you in a Health Care or Medical POA to make health care decisions on your behalf when you are unable to speak for yourself. 25. Power of Attorney A document executed by one person, called the "principal", authorizing another person, called the "attorney-in-fact", to perform designated acts on behalf of the principal.  A POA can be "durable", meaning it remains valid even after incapacity, and the power it conveys may either take effect immediately or after the principal becomes incapacitated. 35. Testatrix A female individual who signs a Last Will.
6. DecedentA person who has died. 16. HeirsThe person or persons who are entitled -- by state law -- to receive your assets if you die without a Will.  Typically, a legal heir includes but is not limited to the following:  a legal spouse, your children, parents, siblings, aunts and uncle, nieces and nephews and so on. 26. Principal This term has two distinct meanings in Estate Planning: 1. "principal" refers to the basic value of assets before interest has been accrued, and 2. "principal" is a person who signs a power of attorney. 36.
 Trust A separate legal entity which can be created either during life, or (in a Last Will) after death to hold property on behalf of the beneficiaries named in the Trust.

7. DPOADurable Power of Attorney.  A document which allows you to give broad power and authority to someone to manage your finances and/or make medical decisions for you.  It is durable because it remains valid even after you become incapacitated (unable to manage your own affairs) but a DPOA becomes invalid after your death. 17. Inter Vivos Trust(also called a Living Trust) - A trust created by agreement during your life.  This trust can be used to hold legal title to your assets during your life which will shelter those assets from probate upon your death.  In other words, your beneficiaries will inherit your trust property (assets retitled to your trust) outside of the expensive and time consuming probate process. 27. Probate Court proceeding to determine the validity of a Last Will -- or to determine who stands to inherit assets from a decedent if that person dies without a Will.  Probate can be costly and time consuming and a properly drafted and funded Trust can avoid probate altogether. 37. Trustee The person or bank responsible to carry out the provisions of the Trust agreement.  The Trustee typically holds legal title to the trust assets while the beneficiaries hold "beneficial" title.  A Trustee is responsible to distribute trust assets to the beneficiaries according to the terms set forth in the trust.

8. Financial DPOAA document which grants to the attorney-in-fact, the power to make decisions concerning the finances and property of the principal (the person who signed the document).  It is 'durable' because it remains in effect in the event of the principal's incapacity.
18. IntestateThe term used to refer to a person who has died without a valid Will. By state law, in this situation, only your legal heirs (see above) will be entitled to inherit your property.  If you are a resident of any state that does not legally recognize your relationship, your partner will not be entitled to inherit your property as an heir. 28. Probate Estate All of a decedents property that is not held in a Trust, is not jointly owned with another person and is not (legally recognized) marital property.  Property that is part of a probate estate must pass through the probate process - and therefore may be frozen and inaccessible to beneficiaries until the process is completed. 38. Trust Funding The process of re-titling assets into the name of the Living Trust.


9. Medical DPOAA document which grants to the attorney-in-fact, the power to make medical decisions on behalf of the principal (the person who signed the document).  It is 'durable' because it remains in effect in the event of the principal's incapacity.
 19.
Joint TenancyA form of equal, undivided ownership in property that, upon the death of one owner, automatically passes to the surviving owner(s).  29. Settlor See "Grantor" and "Donor." 39. Will A written document which must be properly drafted and signed in accordance with the laws of the state where the decedent resides in order to successfully result in the distribution of a decedents assets upon his or her death.

10.
EstateThe property (cash, real estate, stocks, bonds, furniture, furnishings, tools, electronic equipment, books, CD's, DVD's, appliances, etc.) you own when you die.  While you are still living these are referred to as 'assets.'  Really, your estate is comprized of your stuff!  When you are alive you sell your stuff on Ebay or at a garage sale.  After you die, they sell your stuff at an 'estate sale.' 20. Living Trust(also called an Inter Vivos Trust) - A trust created by agreement during your life.  This trust can be used to hold legal title to your assets during your life which will shelter those assets from probate upon your death.  In other words, your beneficiaries will inherit your trust property (assets retitled to your trust) outside of the expensive and time consuming probate process. 30. Simultaneous Death Clause A clause in your trust or will that directs your trustee to divide your trust estate between your beneficiaries and your partner's beneficiaries in the event that you and your partner die at the same time.