Glossary
Plain-language definitions for terms you'll come across while planning your estate.
Beneficiary
A person or organization you name to receive some or all of your assets after you pass away.
Estate
Everything you own — property, accounts, and belongings — considered together.
Estate Plan
The complete set of documents and decisions that determine what happens to your assets, your finances, and your medical care if you become unable to manage them yourself, or after you pass away. A will is one part of an estate plan, not the whole thing.
Executor
The person you name to carry out the instructions in your will — managing your estate, paying any debts, and distributing assets to your beneficiaries.
Guardian
The person you name to care for your minor children if you and the other parent are both unable to.
Healthcare Agent
The person you authorize to make medical decisions on your behalf if you're unable to make them yourself. Sometimes called a healthcare proxy.
Intestate
The legal term for passing away without a valid will. When this happens, state law — not your own wishes — determines how your assets are distributed.
Power of Attorney (Financial)
A document authorizing someone you choose to manage your financial and legal affairs if you're unable to.
Probate
The court process of validating a will and overseeing the distribution of an estate. It can take time and involve court fees; certain planning choices can help avoid it.
Revocable Living Trust
A legal arrangement that holds assets on your behalf during your lifetime and passes them to your beneficiaries afterward, often without going through probate. You can change or cancel it at any time while you're alive.
Trustee
The person or institution responsible for managing assets held in a trust, according to the trust's instructions.
Will
A legal document stating who should receive your assets after you pass away, and who should carry out those instructions. It's a core part of most estate plans, but not the whole plan on its own.
How the ATJustice process works