Resources

Estate Identification Number (EIN)

Glossary of Terms Administrator (also known as Personal Representative) – Person or institution appointed by the court to manage and distribute the estate of a person who dies without a will. Administrator Ad Prosequendum – Person designated by the Court to carry out the terms of a Will where the Will fails to name an executor. Beneficiary – Person named to receive property or benefits. Codicil – An addition or supplement made to change or add provisions to a will. Contingent beneficiary – Receiver or property or benefits if first-named beneficiary dies before receiving all benefits. Contract – Legally enforceable agreement. Decedent – A deceased person. Devise – To give real or Personal Property. Estate – Everything a person owns, real and personal property Executor, Executrix – (also known as a Personal Representative) – A person or institution named in the will to carry out the provisions and directions of the will. Intestate – A person who dies without making a valid will. Legatee – Person who receives personal property under a will. Levy – To collect by assessment. Lien – A charge upon property, real or personal, for the satisfaction of a debt. Personal property – Intangible property, such as stocks, bonds, or bank accounts; and tangible property such as furniture, automobile, jewelry. Probate – Official proof of the genuineness of a will. Real Property – Land and buildings. Surrogate – A judicial officer who is Judge of the Surrogate’s Court and deputy clerk to the Superior Court. Tenants in common – Two or more persons owning individual interests in property. Testator, Testatrix – The person who makes a will. Trust – A fiduciary arrangement that allows a third part, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trustee – Person or institution that holds property, authority, or a position of trust or responsibility for the benefit of another. Waiver – A legal instrument relinquishing a right or lien. Will – A legal declaration of the manner in which a person wishes his estate divided after death. Witness – Person who observed the signing of a will and also attests to the signatures.

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Will Preparation