It's important to understand terms that play a big role in creating your estate plan. 

Will

A Will, called a last will and testament, is a written document that explains how an individual desires their property to be distributed or dealt with after their death. The individual who creates the will is called a testator (male) or a testatrix (female). The action of giving an asset (or gift) to those outlined in the will is called a bequest and the receivers of those assets are referred to as beneficiaries. A will defines who the beneficiaries are and also appoints a personal representative. 

Personal Representative (f.k.a. executor/executrix) 

A Personal Representative, which used to be called an executor (male) or executrix (female), has many important duties to carry out. His or her role is to follow the terms of the will, distribute assets to named beneficiaries, pay debts, and close the decedent's estate. A personal representative is a type of fiduciary.

A will has the ability to appoint a personal representative and establish the powers given to them. The duties of a personal representative are to carry out the terms of the will, administer estates, make sure all taxes and disbursements are made, and close the estate. Your personal representative is in charge of distributing the assets outlined in the will to the corresponding beneficiaries. This action is called disbursement.

Fiduciary

A Fiduciary is someone who handles someone else’s assets and assumes the duties that come with it. This is a somewhat broad title, which means there are different types of fiduciaries that assume certain responsibilities in different situations. Specifically, a personal representative is the fiduciary that administers the estate of another person.

Powers of Attorney

Powers of Attorney are documents that allow you to authorize a designated individual to stand in your place and make decisions or perform certain actions on your behalf. There are different types of POAs that grant different courses of action. Learn more here. 

Probate

Probate is the court settlement of an estate after an individual has passed. Many try to avoid probate as it is a long and tedious process. Intestate probate occurs when an individual dies without a will. Testate probate takes place when an individual dies with a will but needs letters testamentary (a court issued document) to transfer certain assets or property. Learn more here. 

Bequests

A Bequest refers to a specific type of gift left in a will, commonly involving personal property or assets that are distributed upon someone's death.

Beneficiaries

Beneficiaries are the recipients of the gifts or bequests outlined in a will. There can be multiple beneficiaries in a last will and testament.