Library of Terms

A legal document that directs how your property is distributed after death and can name a guardian for minor children.

A will only controls property that passes through your estate (probate). It does not control assets that have their own beneficiary designation (like life insurance or retirement accounts) unless the estate is named. A will also lets you name a personal representative (executor) to handle the estate. A will does not avoid probate. Creating, updating, or relying on a will does not by itself establish an attorney-client relationship with any firm.

Related: Probate · Guardian nomination · Pour-over will

A trust you create during life that you can change or revoke, often used to manage assets during incapacity and coordinate distribution after death.

A revocable living trust can hold assets you transfer into it. While you are alive and capable, you typically manage the trust as trustee. If you become unable to manage your affairs, a successor trustee can step in. At death, the trust distributes assets according to its terms. Importantly: a trust only controls assets that have been transferred (titled) into it. A revocable trust does not automatically avoid probate for assets left outside it, does not generally reduce income or estate taxes compared to owning the same assets outright, and does not protect assets from your creditors. It is not a replacement for a will.

Related: Pour-over will · Funding a trust · Probate · Irrevocable trust

A trust that generally cannot be changed or revoked once created, sometimes used for tax, charitable, insurance, or asset-protection goals.

Because irrevocable trusts involve significant tradeoffs — giving up control and access to the assets transferred in — they are never a routine upgrade over a revocable trust. They can make sense for specific goals such as gift/estate tax planning, charitable planning, life insurance ownership, or asset protection, but whether one fits depends on individualized facts. This kind of planning should never be chosen based on a short questionnaire; it requires individualized legal and tax advice.

Related: Revocable living trust · Estate and gift tax questions

A will used alongside a revocable trust that transfers any leftover assets into the trust at death.

If a revocable trust is part of the plan, a pour-over will acts as a backstop: assets that were not transferred into the trust during life are 'poured over' into the trust at death, so they follow the trust's distribution terms. Those assets may still pass through probate. A pour-over will is not a substitute for properly funding the trust during life.

Related: Revocable living trust · Will · Probate · Funding a trust

The process of transferring ownership of assets into a trust so the trust can control them.

A trust only controls what it owns. Funding means re-titling bank and brokerage accounts, real estate, and other assets into the name of the trust, and updating beneficiary designations where appropriate. An unfunded trust may not accomplish its intended purpose. Ask an attorney exactly which assets should be transferred and how.

Related: Revocable living trust · Beneficiary designations · Real estate title

Naming the person you would want to raise your minor children if you could not.

A guardian nomination is typically made in a will. The court ultimately appoints a guardian but gives significant weight to a parent's nomination. You can name alternates. The guardian (who raises the child) and the person who manages inherited assets for the child can be different people, and often are.

Related: Will · Trust provisions for minors · Fiduciary roles

Trust terms that hold and manage assets for a minor until a later age, rather than giving everything outright at 18.

Without a trust, assets left directly to a minor may require a court-supervised guardianship of the property, and the child typically receives outright control at the age of majority (often 18). A trust can stage distributions (for example, a third at 25, half at 30, the rest at 35) or keep assets managed longer for a beneficiary who needs ongoing help. Ask an attorney what structure fits the child and the family.

Related: Guardian nomination · Revocable living trust · Special needs planning

Trust planning designed to help a beneficiary keep means-tested public benefits while still receiving supplemental support.

If a beneficiary receives (or may qualify for) means-tested benefits such as Medicaid or Supplemental Security Income (SSI), leaving assets to them outright can jeopardize those benefits. A supplemental or special needs trust can provide extras without disqualifying them. This area is highly individualized and depends on the benefit program's rules; it requires individualized legal advice. This guide does not ask for diagnoses.

Related: Trust provisions for minors · Revocable living trust · Irrevocable trust

A document authorizing someone to handle your financial matters if you cannot, and that stays effective if you become incapacitated.

A 'durable' power of attorney remains in effect if you lose capacity. The powers granted can be broad or limited. State rules on the required form, witnessing, and effective date vary. A spouse does not automatically have full financial authority over your separately owned assets; a power of attorney is one way to grant it. Ask an attorney about the scope that fits you.

Related: Health care power of attorney · Fiduciary roles · HIPAA authorization

A document naming someone to make medical decisions for you if you cannot.

A health care power of attorney (also called a health care proxy or surrogate) authorizes a trusted person to make treatment decisions. It is distinct from a HIPAA authorization, which controls access to medical information but does not by itself grant decision-making authority. Some states combine these documents with a living will (advance directive). Ask an attorney which documents are recognized in your state.

Related: Advance directive / living will · HIPAA authorization · Durable financial power of attorney

A statement of your wishes about end-of-life or specific medical treatment, used when you cannot speak for yourself.

A living will (or advance directive) expresses preferences such as whether you would want life-sustaining treatment under certain conditions. It works alongside a health care power of attorney. Forms and effect vary by state.

Related: Health care power of attorney · HIPAA authorization

A permission that lets named people receive your protected health information under HIPAA.

A HIPAA authorization controls who can see or receive your medical information. It does not give anyone the power to make treatment decisions — that requires a health care power of attorney. The two are distinct and are often used together, especially for college students and young adults.

Related: Health care power of attorney · College student planning · FERPA consent

Instructions on accounts and policies (life insurance, retirement, payable-on-death accounts) saying who receives them at your death.

Beneficiary designations generally override your will. They must be coordinated with the rest of your plan; a stale or conflicting designation can defeat your intentions. 'Transfer-on-death' (TOD) and 'payable-on-death' (POD) arrangements are similar in that they pass an asset directly. Ask an attorney how to coordinate these with your will or trust.

Related: Will · Revocable living trust · Funding a trust

The court-supervised process of validating a will and administering an estate.

Whether probate is needed depends on how assets are titled and whether beneficiary designations are in place. Probate can be simpler or more complex depending on the state and the estate. Some assets avoid probate by design (trust assets, life insurance with a named beneficiary, POD/TOD accounts). A trust does not always avoid probate — only the assets it owns avoid it.

Related: Will · Revocable living trust · Beneficiary designations · Real estate title

People you appoint to act for you or your beneficiaries: executor, trustee, agent under a power of attorney, guardian.

Each role is different. An executor (personal representative) administers your estate. A trustee manages trust assets. An agent under a financial power of attorney handles finances during life. A guardian raises minor children. A health care agent makes medical decisions. One person can hold several roles, but they don't have to; sometimes separating roles is better. Ask an attorney whom to name for each.

Related: Will · Revocable living trust · Guardian nomination · Durable financial power of attorney

How ownership of real property is legally held, which affects how it passes and whether it goes through probate.

Real estate can be held in many ways — sole ownership, tenancy by the entirety, joint tenancy with right of survivorship, tenancy in common, or in a trust. Each has different consequences for transfer, creditors, and taxes. Property in more than one state can raise questions about administration in each state. Ask an attorney how titling fits your plan.

Related: Probate · Revocable living trust · Multi-state property

Owning real estate in more than one state, which can create administration questions in each state.

Real estate is generally administered where it is located. Owning property in several states can mean more than one probate or administration process. Some people use a trust or change titling to address this. Ask an attorney whether a different strategy fits for property you own in another state.

Related: Real estate title · Probate · Revocable living trust

Federal and state taxes that may apply to transfers at death or during life, with thresholds and rules that change over time.

Estate and gift taxes depend on the size of the estate, the relationship of the giver and recipient, and the law in effect. A revocable trust does not by itself change estate tax treatment. Some states impose inheritance or estate taxes with different thresholds from federal law. This guide never calculates tax liability from a questionnaire; tax planning requires individualized advice.

Related: Irrevocable trust · Revocable living trust

Planning for couples where one or both partners have children from prior relationships, separate property, or different intended beneficiaries.

In a blended family, a plan that leaves everything outright to the surviving spouse may unintentionally disinherit children from a prior relationship, and a plan that benefits children first may leave a surviving spouse short. Trusts can be used to balance these interests. Spouses do not automatically have identical wishes or the same beneficiaries. Ask an attorney how to structure a plan that respects both.

Related: Revocable living trust · Trust provisions for minors · Estate and gift tax questions

Planning for what happens to an ownership interest in a business at death or incapacity.

A business interest can pass to co-owners, family, or be sold. Buy-sell agreements, entity governing documents, and trusts can all play a role. Ask an attorney how your business structure, any existing agreements, and your estate plan should fit together.

Related: Will · Revocable living trust · Fiduciary roles · Real estate title

Documents that help a trusted person assist a young adult with medical, financial, and education matters once they turn 18.

At 18, a person is legally an adult. Parents do not automatically retain access to medical information, the ability to make medical decisions, or access to education records. Useful documents may include a health care power of attorney, a HIPAA authorization, a durable financial power of attorney, and a FERPA consent. The student is the decision-maker about whom to authorize. FERPA governs education records; a FERPA form does not provide medical authority. A HIPAA authorization does not by itself permit someone to make treatment decisions. Coordination across the student's home state and the state where they attend school may matter.

Related: Health care power of attorney · HIPAA authorization · FERPA consent · Durable financial power of attorney

A student's permission, under federal education-records law, letting a school share records with named people.

FERPA (the Family Educational Rights and Privacy Act) governs access to education records. Once a student turns 18 or attends a postsecondary school, rights transfer to the student. Many schools offer a consent form or authorized-user process. A FERPA consent is about education records only — it is not a medical authorization and does not give anyone health care decision-making power.

Related: College student planning · HIPAA authorization · Health care power of attorney

How accounts and property are legally owned, which determines how they pass at death and whether a plan works as intended.

Even the best-drafted documents only control what they control. If assets are titled or designated inconsistently with your plan, your wishes may not be carried out. Reviewing how assets are titled and how beneficiaries are named is a key part of planning — not just signing documents.

Related: Beneficiary designations · Real estate title · Funding a trust · Revocable living trust