A Few Terms Used in Estate Planning
Bequest, Legacy, Devise: Gifts made by will. Traditionally bequest and legacy related to personal property and devise to real property, but today these terms are interchangeable.
Codicil: Supplement to an existing will to add, subtract, or alter provisions.
Decedent: A person who has died.
Executor: Person nominated in a will to oversee the administration of the estate; and to carry out the directions, requests, and disposition of property according to the provisions of the will.
Fiduciary: Person or institution in whom one has placed trust and confidence. A fiduciary owes duties of loyalty, impartiality, good faith, skill and care to the beneficiary of the fiduciary arrangement.
Grantor, Settlor, Trustor: Person who creates a trust.
Inter vivos: Between the living, as in inter vivos gift from one living person to another.
Intestate: To die without a will.
Intestate Succession: Disposition of property based on degree or closeness of relationship to the decedent. (See Probate Code beginning at §6400)
Testator: Person who creates a will.
Trustee: Person or institution who is legal owner of the trust property, and a fiduciary responsible for managing the assets placed into a trust, and/or for transferring property to beneficiaries or heirs.
Thomas E. Coombes, Attorney at Law
