Glossary of Estate Planning Terms, Part Four

Welcome back. Our probate lawyer in Cary NC is here to go over a few more estate planning terms that might help you better understand the process of creating a plan, as you go along.

Estate Planning Terms | Probate Lawyer in Cary NC

Power of Attorney

A document that gives a person the authority to act on the behalf of another person, making legal and financial decisions for them. It terminates when the person dies unless it is noted as “durable.”

Principal

The property in a trust that generates income and is used to benefit the trust’s beneficiaries according to the terms of the trust.

Private Trust Company

Also known as a family trust company, this entity is formed by a family to serve as a trust for the estates and trusts of extended family members.

Probate

A court supervised process of proving that a will is valid and then distributing the assets under the terms outlined in it in accordance of the state laws.

Probate Tax

A tax imposed on property passed to someone else per instructions outlined in the deceased’s will.

Property

Anything subject to ownership.

Health Care Power of Attorney

A document that names an individual to oversee the medical decisions of an individual who is incapacitated. Also known as a “health care proxy.”

Heir

The person entitled to the assets of the deceased under the state law when a will is not available. It is not the same as a beneficiary, but they can refer to the same person.

Power of Appointment

Power given to a beneficiary under the terms of a trust that allow him or her to make decisions about the property.

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 | Probate 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 probate 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 probate 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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