Terms to Know in Estate Planning, probate, and elder law

At The Binder Firm, we strive to educate our clients and empower them to strategically plan through the use of wills, trusts and other estate planning tools. Contact us today to schedule a consultation.

Guardian A person lawfully invested with the power, and charged with the duty, of taking care of the person who is incapable of doing so because of age or other incapacity. Certain states do not allow anyone other than a biological parent to be appointed as guardian of minor children in the event of one parent’s death. Please call your Provider Law Firm for instructions for your state.

Trustee A person appointed to manage the financial affairs of the one who is legally incapable of doing so because of age or other incapacity.

Joint tenants with right of survivorship A single property owned by two or more persons, under one title, with equal rights to the property. At the death of one joint tenant, the property transfers to the surviving tenant.

Estate Everything that you own at your passing after payment of debts and taxes. You will make decisions regarding the percentage share of your estate that you wish to give to your beneficiaries. And if you wish, you may leave specific items of property (car, investments, heirlooms, etc.) or sums of money to your beneficiaries.

Will A document which provides who is to receive your property, who will administer your estate, who will serve as guardian of your children, if applicable, and other provisions.

Health Care Power of Attorney A legal document appointing a person the authority to make health care decisions on another person’s behalf.

Physicians directive (also living will) A legal document containing instructions for physicians regarding your lifesupport preferences.

Executor (also personal representative) The person appointed in a Will by the testator (person making the Will) to carry out the terms of the Will.

Fiduciary Bond A type of surety bond required by the court to be filed by executors, guardians, etc., to ensure proper performance of their duties as an executor. Typically waived, especially when a spouse or family member is appointed executor

Claim a debt or liability owed by the decedent at the time of death, the funeral expenses, and the costs and expenses of administering the probate estate. A “claimant” is a creditor who files a claim against a probate estate. 

Devisee a distributee that is named in a will to receive certain property. May be a person or an entity such as a charity. 

Distributee person or entity to receive a distribution through probate. Heir – a distributee, as determined by the Missouri statute of intestate succession, to receive real or personal property of an intestate. 

Intestate a decedent who has died without having made a will. 

Letters of Administration document from the probate court appointing the personal representative of an intestate’s estate (i.e., no will). 

Letters Testamentary document from the court appointing the personal representative of a testate’s estate (i.e., with a will). 

Personal Representative a person appointed by the court to be in charge of a decedent’s probate estate. Also called an executor or administrator. 

Publication notice published in a newspaper in the county where the decedent resided. Testate –a decedent who has died leaving a will.