For understand the concept of important estate planning and probate procedure, the clarity of prominent terms is a necessity. Do read the following terms and know what they mean;
AB Trust – It is a kind of trust designed mainly to ensure estate tax exemption for each spouse used to the maximum. It also allows the surviving spouse to enjoy the access of assets owned by the deceased spouse during the remainder of the surviving spouse's lifetime.
Administrator – He/she is a caretaker, appointed by a court for managing the estate of a person who died without making his rightful will.
Attorney-in-Fact - An individual appointed with the power of attorney to act as the person-in-charge for executing the document.
Basic Will - A will that distributes everything to your spouse, if living, otherwise to your children when they reach the age of majority (18 years old).
Beneficiary – He or she is a person who receives funds, property, or other benefits from a will, contract, or insurance policy.
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