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Financial Social Work Estate Planning Webinar Handout

The New Social Worker Online: Sites Ease Stress of End-of-Life Planning: s_Ease_Stress_of_End-of-Life_Planning/ 7 Major Errors In Estate Planning

Estate Planning Glossary of Terms

Decedent: The person who has died

Testate: A person dies testate when he or she dies with a valid will. Intestate: A person dies intestate when he or she dies without a valid will. His or her property thus passes by the laws of intestate succession. Heirs: The persons, including the surviving spouse, who are entitled to the decedents property when he or she dies intestate. Devise: A bequest or gift made under a will. Devisee: Any person who is entitled to the decedents property under a will. Issue: Lineal descendants of the decedent; i.e., children, grandchildren, etc. Probate Property: The property of the decedent that is passed by either testate or intestate succession; property that is held in the decedents separate name at death. Does not include property that automatically passes to another person, such as property held as joint tenants by the entirety or property that passes beneficiary designation. Non-Probate Property: Property that does not pass by means of will or by the laws of intestate succession. Beneficiary Designation: Designation by the owner of a life insurance policy, annuity or retirement account indicating to whom proceeds are to be paid upon the owners death. A primary beneficiary is the first-named beneficiary. A contingent or secondary beneficiary receives the proceeds if the primary beneficiary does not survive the insured. A revocable beneficiary (primary or secondary) can be changed by the policy owner. Bequest: An irrevocable transfer by will of securities, real estate, tangible personal property, or other assets from the deceased to an individual or charity. For bequests to charity, the donors estate earns an estate tax deduction equal to the value of the gift to the charity. Transfer Tax: Transfer tax is the generic term applied to any tax that is assessed when assets are transferred from one individual to another. Federal transfer taxes include estate tax, gift tax, and generation skipping tax. State transfer taxes include death tax.