The entity (person, trust, estate) designated to receive the proceeds from an asset, account, and/or an insurance policy at the holder’s death.
The court-appointed entity that makes financial or personal decisions for a property or person
All of a person’s assets, including real estate, personal property, and securities.
The process of organizing your assets for use during your lifetime and distribution after death in accordance with your values, goals, and beliefs.
Planning for what happens to your assets and to you if/when you are no longer able to express your wishes. Incapacity planning tools may include a living will, DNR, and health care power of attorney.
A legal document to direct life-sustaining procedures.
A document that appoints an entity to manage your estate when you are unable to do so.
The court-supervised process of validating a will, paying debts of the deceased, and distributing the proceeds to named beneficiaries (heirs).
A legal instrument that grants control of specified assets to a person or financial institution (the trustee). Trusts contain guidance and instructions as to how the trustee must treat the property inside the trust. Trusts can be revocable or irrevocable and can manage property while the grantor is alive or following the grantor’s death (a testamentary trust).
A person or financial institution that manages the property of others. In the context of a trust, a trustee is the legal representative of the trust. A trustee must act as a fiduciary in regards to the trust’s beneficiaries
A legal document that states what people want to be done with their property after they die (e.g., charitable donations, distributions to their heirs) and who they want to manage their financial affairs, settle their estate, and serve as guardian for minor children.
CFP® certification is a voluntary certification granted in the United States by Certified Financial Planner Board of Standards, Inc. It is recognized in the United States and a number of other countries for its (1) high standard of professional education; (2) stringent code of conduct and standards of practice; and (3) ethical requirements that govern professional engagements with clients. Individuals who become certified are required to complete continuing education.
The glossary terms displayed on our website are solely for information purposes. Nothing contained herein should be considered as investment advice. The terminology and definitions provided on our website derive from third-party sources believed to be reliable and accurate at the time the information was retained. Morris Financial Concepts, Inc. is not responsible for errors or omissions in the material on third party websites and does not necessarily approve of or endorse the information provided. For questions or to report in known material inaccuracies, please contact us.