for a little help, below is a list of commonly used terms that you may come across when getting your act together:
- agent – a person who is authorized to act for another (the principal)
- beneficiary – the one who receives assets/property from a will, trust, estate
- community property – property and income that belongs jointly to a married couple
- estate – all that you own in property or assets
- executor- the person appointed to administer the estate of one who dies with a will
- guardian – a person appointed by the ct to take care of a child or incapacitated adult
- intestate – you die without a will
- personal representative – a generic term for an agent, an executor
- principal – the chief actor
- probate – the process of administering your will
- separate property – property that is owned separately by one spouse acquired through gift,
inheritance or property owned before the marriage
- testator- the one writing the will
- trust – something held by one party for the benefit of another- will – a written document directing the distribution of your estate
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