Administration
The process of managing a deceased person's estate: gathering assets, paying debts and distributing what's left to beneficiaries.

Administrator
The person named in a will to manage the estate. They may also be called a personal representative or executor.

Beneficiary
A person or organization designated to receive assets from a will, trust, life insurance policy, financial account or retirement plan. The person or organization should be designated by name as well as their social security number (person) or tax ID number (organization).

Bequest
A gift of money or property left in a will.

Charitable gift annuity (CGA)
A donation to charity that gives the donor (or another person) a fixed income for life, with the remainder going to charity.

Charitable lead trust (CLT)
A trust that makes gifts to charity for a period, then the remainder goes to one or more designated individuals.

Charitable remainder trust (CRT)
A trust that provides income payments to the donor or others for life or a set time, then leaves the remainder to charity.

Codicil
A legal document serving as an addition or supplement that explains, modifies or amends an existing will.

Decedent
A person who has passed away.

Distribution
A gift of money or property left to someone by a trust.

Donor-advised fund (DAF)
A donor-advised fund is a charitable investment account that allows the donor to make irrevocable contributions of cash or other assets to a sponsoring public charity. The donor can usually claim an immediate tax deduction. Contributions are invested on a tax-free basis. The sponsor has legal control over the assets, but the donor retains advisory rights, which allow the donor to make recommendations to the sponsor as to which eligible charities to make gifts from the account.

Estate
Total assets and liabilities that are left when a person passes away.

Estate planning
Preparing legal documents to manage and distribute your assets when you pass away or if you become incapacitated.

Estate tax
A state or federal tax on what you leave behind when you pass away.

Estate tax exemption amount
The total value you can pass on without paying estate tax.

Executor
The person named in a will to manage the estate. They may also be called a personal representative or administrator.

Heir
Someone who is legally entitled to receive a person's property should they pass away without a will. Rules for determining heirs are set by state law.

Illiquid assets
Assets that cannot be quickly turned into cash, like real estate, collectibles or LLC and private partnership shares.

Individual retirement account (IRA)
A tax-advantaged personal savings account allowing individuals to invest for retirement. It offers tax-deferred growth or tax-free withdrawals with common types including Traditional and Roth IRA, established through banks or brokerages.

Intestate
Passing away without a valid will. State law decides who gets your property.

Irrevocable gift
A gift you cannot take back or change once made.

Irrevocable trust
A trust that cannot be changed or canceled once created.

Legacy
Money, property or assets left to an individual or organization in a will or trust through their estate plans. Legacy can also mean the impact or mark you leave behind — your lasting contribution to others.

Life beneficiary
Someone who receives income or benefits from a trust for the rest of their life.

Life estate
The right to use or live in a property during a person's lifetime. After the person passes, the property goes to another person or organization.

Living trust (revocable trust)
A trust you set up to manage your assets while alive, which can avoid probate and may be changed during your lifetime.

Non-cash asset
Property like stocks, real estate, LLC units, private partnership shares or art — anything other than cash.

Nonprofit
An organization that exists to help others, not to make a profit, such as a charity. Nonprofits are generally tax-exempt from federal income tax if they are designated 501(c)(3) charities.

Payable-on-death (POD) designation
Naming an individual or organization to receive your financial accounts, like checking or savings, when you pass away — avoids probate.

Percentage or fractional bequest
Leaving a set percentage of your estate to an individual or organization, instead of a fixed dollar amount.

Personal representative
The person in charge of settling an estate, making sure debts are paid and assets are distributed. Also called an executor or administrator.

Planned gift
A gift to charity that is planned now but given later, generally when one passes away.

Planned gift notification
Informing the charity of a gift included in your will or estate plan.

Power of attorney
A legal document that lets someone act on your behalf for financial, legal or medical decisions, when needed.

Probate
The court process of distributing a person's estate.

Qualified charitable distribution (QCD)
An opportunity for people 70.5 years of age or older to give money directly from their IRA to charity without paying income tax, as it is not counted as taxable income, dependent on annual limits.

Real property
Land and anything permanently attached, like buildings, is real property.

Required minimum distribution (RMD)
The mandatory yearly withdrawal from retirement accounts. Once you hit a certain age, the IRS requires you to start taking a distribution each year from various retirement accounts (IRA, 401(K), 403(b), Simple IRA, etc.).

Residuary bequest
What's left in your estate after all specific gifts, debts and taxes are handled — often given to charity or individuals.

Residue
All remaining property in an estate after other gifts, debts and taxes are handled.

Revocable trust
A trust you set up to manage your assets while alive, which can avoid probate and may be changed during your lifetime.

Settlor
The person who creates a trust, transfers assets into it and sets the rules for how those assets are managed. This role is also known as the grantor or donor.

Specific bequest
A gift of a particular asset(s) or items like cash, a vehicle or stock, named in a will.

Step-up in basis
Adjusting the value of inherited property to its value when the owner passed away.

Trust
A trust is a legal relationship where an owner (settlor) transfers property to a third party (trustee) to manage. The trustee holds legal title but is legally obligated to manage and use the assets solely for the benefit of designated individuals or organizations (the beneficiaries).

Trustee
A trustee is a person or organization that holds legal title to property or assets that have been placed in a trust and manages them for the benefit of another person or group, known as the beneficiaries.