Estate Planning Vocabulary
Estate planning comes with a language of its own. When I first started studying it, I remember thinking someone had just started slapping suffixes on words and calling them legal terms. I spent a lot of time adding these new words to my online dictionary—and even my Microsoft Word dictionary.
To help others navigate this learning curve, I’ve created this glossary to not only define these terms but also explain how they function within an estate plan. Above all, this is meant to be helpful. I make no claims of outshining Mr. Webster—just trying to make sense of the legal lingo.
A Trust
The surviving grantor’s portion of an A–B Trust. Often called the Marital Trust or Survivor’s Trust.
A–B Trust
A trust structure designed to take advantage of federal estate tax exemptions. When the first grantor passes away, the estate splits into two trusts:
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The A Trust (Survivor’s Trust), for the surviving spouse.
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The B Trust (Decedent’s Trust), which may continue supporting the survivor or distribute assets based on instructions.
This structure allows couples to maximize exemption thresholds and delay or reduce estate taxes.
Administration
The process of distributing an estate after the grantor’s death. This can occur through the court (probate) or privately through a trust.
Administrator
An individual appointed by the court to settle a deceased person’s estate when no will exists or the will doesn’t name an executor.
Note: In Utah, this role is referred to as the Personal Representative.
Advance Health Care Directive (AHCD)
A legal document where an individual expresses their end-of-life care preferences and appoints someone to make medical decisions if they become incapacitated. It may include decisions about:
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Life support
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Organ donation
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Feeding tubes and hydration
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Surgical procedures
Assignment
A document used to transfer ownership of personal property (furniture, jewelry, art, etc.) into a trust. Since many personal assets don’t have titles, an Assignment formally records the transfer of these items into the trust.
Certificate of Trust
A condensed version of the trust document that verifies the trustee’s authority to act on behalf of the trust. Useful when dealing with banks, insurance companies, and financial institutions—without revealing private details of the full trust.
Guardian
If you pass away while serving as a guardian of a minor child, your estate plan can name who you’d like to take over and care for that child’s health and well-being.
Heirs and Beneficiaries
The individuals who will inherit your property through your will or trust. If your heirs and beneficiaries are the same (e.g., your children), you only need to complete those fields once in estate planning documents.
Financial Durable Power of Attorney
A legal document that authorizes someone to handle your financial affairs if you’re incapacitated. This agent can:
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Access bank accounts
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Sign documents
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Manage business matters
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Pay bills on your behalf
Pour-Over Will
A type of will used with a trust. It “pours” any remaining assets not previously titled into the trust at the time of death.
Note: In Utah, assets under $100,000 and with no real estate may avoid probate even if added via a pour-over will.
Revocable Living Trust
A trust that allows the grantor to retain full control over their assets during life while creating a plan for distribution after death. It avoids probate and ensures a faster, more private transfer of assets.
Springing Durable Power of Attorney
A power of attorney that only becomes effective upon the incapacity of the principal. It allows a designated agent to manage financial and legal affairs when the principal can no longer do so themselves.
Trustee
The person (or people) responsible for managing and distributing assets in a trust. Typically, the grantor serves as the initial trustee. After their death or incapacity, a successor trustee takes over to carry out the instructions in the trust.
In cases involving both a trust and a will, the Personal Representative (will) and Successor Trustee (trust) often have similar roles. If any assets were left out of the trust, the Personal Representative ensures they are delivered to the trustee.
Warranty Deed
A legal document that transfers ownership of real estate into a trust. Without executing a warranty deed for real property (and assignments for personal property), the trust remains unfunded—and therefore ineffective.
Will (Last Will and Testament)
A legal document that allows a person (the testator) to express their wishes regarding the distribution of property after death. It also names a Personal Representative and can appoint guardians for minor children. Wills generally require probate court oversight.