Glossary of Estate Planning Terms, Part Two

Estate planning is when you prepare legal documents outlining how you want your assets to be distributed upon your death. Regardless of how much you own, it is an important way to take care of your family when you are no longer there to do so.

Estate Planning Terms | Wills Lawyer in Cary NC

Durable Power of Attorney

A person named to execute the estate of the person who is deceased or incapacitated that does not terminate.

Estate Planning

The process of creating documents that outline how one’s assets will be handled after his or her incapacity or death.

Estate Tax

Taxes imposed on an estate when it is transferred.

Executor

The person named in a will or appointed by the court that oversees the decedent’s estate.

Family Trust

A trust that benefits the remaining spouse, children or other family members of the deceased.

Grantor

The person who creates or contributes property to a trust. There can be more than one grantor in a trust.  Also knowns as a “trustor” or “donor.”

Grantor Trust

A trust in which a grantor has control over certain aspects of its income or assets in regard to federal and state income taxes.

Gross Estate

All property and assets of an individual that are subject to federal estate tax.

Guardian

An individual appointed by the court to make decisions on the behalf of a minor or incapacitated person.

 

Please visit back with us soon, as we will have more glossary terms for you to become familiar with. They’ll help you as you work with our wills lawyer in Cary NC to create an estate plan.

Klish and Eldreth | Wills Lawyer in Cary NC

If you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our wills lawyer in Cary NC is here to help you get your estate planning in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact our office.

As always, feel free to contact us at our office to schedule a consultation with if you are looking for a lawyer to represent you in other legal matters. We are here to assist you with small business needs, trademarking, copyrighting and  DWI issues.

Contact our office, today to make an appointment to speak with our wills lawyer in Cary NC. Don’t wait to start your estate planning!

If you missed our previous blogs, containing even more terms to know, be sure to visit back with them, below:

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