Estate planning has a vocabulary of its own. Some of it is intuitive. A lot of it isn’t. And when you’re trying to make decisions about your family’s future, running into unfamiliar terms every few sentences can make the whole thing feel more intimidating than it really is.

Since we’re in the last week of October, we thought we’d have a little fun with it and put together a glossary of terms every family should recognize. No tricks — just the treats of clarity.

Will

A written document that directs how you want your belongings distributed after you pass away. A will can also name a guardian for minor children and appoint an executor to carry out your wishes.

Trust

A legal arrangement in which one person (the grantor) transfers assets to another person or entity (the trustee) to manage on behalf of one or more beneficiaries. Trusts can be created during your lifetime or through your will, and they come in many varieties depending on what you’re trying to accomplish.

Executor

The person named in your will to handle your affairs after you pass away. Their job includes locating your will, gathering your assets, paying your debts, and distributing what remains to your beneficiaries.

Trustee

The person or entity responsible for managing a trust. Depending on the trust, a trustee may make investment decisions, distribute funds according to the trust’s terms, and handle ongoing administrative matters for years or even decades.

Probate

The court-supervised process of settling someone’s estate after they pass away. Probate involves validating the will, paying outstanding debts and taxes, and transferring assets to the intended beneficiaries.

Power of Attorney

A legal document in which you designate someone to act on your behalf if you’re unable to do so yourself. There are different types, most commonly financial and healthcare. Powers of attorney typically end when you pass away — at that point, other documents take over.

Healthcare Directive

Sometimes called a living will or advance directive. A document that expresses your wishes about medical treatment if you’re ever unable to communicate them yourself, especially in serious or end-of-life situations.

Beneficiary

Someone who receives assets from an estate, a trust, a life insurance policy, or a retirement account. Beneficiary designations often override what a will says, which makes keeping them current an important (and frequently overlooked) piece of good planning.

Grantor

Another word for the person creating a trust. Sometimes also called a settlor or trustor.

Intestate

The legal term for what happens when someone passes away without a valid will. Their estate is distributed according to a default set of rules rather than personal wishes.

Fiduciary

A person or entity legally required to act in the best interests of someone else. Executors, trustees, and agents under powers of attorney are all fiduciaries.

Testamentary

A word that means “relating to a will.” A testamentary trust, for example, is one created within a will rather than during your lifetime.

Codicil

A written amendment to an existing will. Historically used for small changes; today, many attorneys prefer to simply create a new will when significant updates are needed.

Estate

Everything you own at the time of your passing — real estate, financial accounts, personal belongings, business interests, and so on. Your estate is what your plan is designed to manage.

Elder Law

A practice area focused on the legal issues that most commonly affect older adults, including long-term care planning, capacity concerns, and coordination with public benefit programs.

No More Tricks

None of this vocabulary needs to feel mysterious. A good attorney will walk you through every term that applies to your situation, in plain language, until it all makes sense.

Since we opened our doors, our attorneys have helped over 600 Middle Tennessee families make sense of exactly this kind of language — and turn it into plans that actually work. If you’re ready to talk through what any of it means for your family, we’d love to help.

Happy Halloween from all of us at Beacon Legacy Group.