The process of winding down the final affairs after someone dies. The process includes the valuation of assets, payment of debts and taxes, and distribution of assets to beneficiaries.

Assets are anything a person owns. Examples of assets include bank accounts, life insurance, investments, a home or other real estate, furniture, jewelry, art, clothing, and collectibles.

A beneficiary refers to someone or thing (an entity such as a charity), who receives the benefits of an estate, trust, or other legal arrangement.

Reference to the person who has died.

A person who can provide information regarding the personal and family history of a decedent and has no interest in any estate assets.

Distribution refers to a payment in cash or asset(s) to the beneficiary, individual, or entity who is entitled to receive it. A discretionary distribution is a distribution to a beneficiary based on the choice of the Trustee.

Estate is a collection of all assets and debts left by an individual at the time of their death.

A person appointed in the Will to carry out the directions and requests in the Will and fully participate in the probate process, meeting all the formalities and requirements of the probate court leading to the distribution of assets to the beneficiaries and satisfying all debt obligations. An Administrator has the same obligations as an Executor in cases where there is no Will.

A fiduciary is a term that implies exceptional confidence, trust, and a high degree of good faith. A fiduciary is someone with a legal obligation (duty) to act on behalf of another’s benefit. The most common examples are trustees and agents under a power of attorney.

The process of transferring (re-titling) assets to a living trust. Estate assets can avoid probate at the Trustmaker’s death if the Trust is fully funded.