Glossary for Estate and Probate
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WILL
A written statement signed by you and witnessed by at least two other people. It describes how your estate is to be divided at your death. It allows you to state who you wish to serve as guardian of your minor children.

PROBATE
The process that takes place after your death whereby your property is distributed either according to your Will or through intestate succession (state law).

TRUST
A right to property, real or personal, held by one person for the benefit of another.

FEDERAL ESTATE TAX
Under the current Internal Revenue Code no federal estate tax is due on estates with less than $2,000,000 in assets. For estate tax purposes, your estate includes ALL property in which you have an interest at your time of death. The exemption is scheduled to increase as follows:

Year of death or gift	Exemption
2002 and 2003	$1 million
2004 and 2005	$1.5 million
2006, 2007 and 2008	$2 million
2009	$3.5 million
2010	Estate Tax repealed

BENEFICIARIES
One receiving benefit or advantage, or one who is in receipt of benefits, profit or advantage.

PERSONAL PROPERTY
All property other than real property, such as cars, clothing, stocks, bonds and personal items.

REAL PROPERTY
Land and buildings.

GUARDIAN
The person who receives the responsibility of caring and supervising an incapacitated person or a minor.

CONSERVATOR
The person who has been appointed by the court to manage the financial affairs of a protected person.

GENERAL POWER OF ATTORNEY
Legal authority, in writing, to handle all financial affairs of the person creating power of attorney.

FIDUCIARY, EXECUTOR, EXECUTRIX OR PERSONAL REPRESENTATIVE
The person appointed in your Will to manage your property during the probate process.

TESTAMENTARY TRUST
A trust that is set up in your Will. It takes effect after your death.

TRUSTEE
A person who manages and distributes the property held in a trust.