Understanding estate planning terminology

Planning for long-term care of the elderly often includes matters of estate. When a Georgia resident enters the estate planning process, he or she is likely to encounter various terms and phrases that may sound complicated or difficult to understand without appropriate  legal guidance. Gaining an understanding of basic estate plan terminology ahead of time can help make the execution of a thorough estate plan less stressful.

Estate owners often designate trustees. A trustee is a person who agrees to hold the legal title to a particular property or assets in care for a beneficiary. For instance, if an aging grandparent wishes to bequeath money for college for a grandchild who is currently too young to attend college, he or she may place the money in trust and appoint a trustee to oversee the fund until a specifically designated time when the grandchild may gain access to the fund.

An executor of a will, on the other hand, is a person placed in charge of carrying out the provisions of a last will and testament. If a person dies without having executed a final will, the court appoints an administrator; this person then manages the liabilities and assets of an intestate estate. The latter phrase (intestate estate) simply means someone has died with no will in place, and his or her assets are probated according to the state's laws of intestacy.

Fiduciary duty, irrevocable trust and advanced care directives are other common estate planning terms that may or may not apply to a particular Georgia estate plan. To avoid confusion and make well-informed decisions, it often helps to consult with an experienced estate planning and administration law attorney before implementing an official plan. Such guidance often helps simplify and expedite the estate planning process.

Source: FindLaw, "Things You Need to Know if You Are Named Executor of a Will or Trustee of an Estate", Accessed on Feb. 13, 2018

No Comments

Leave a comment
Comment Information
Email Our Lawyers

Contact Us To Find Out How We Can Help You And Your Family

Call 866-253-6994 or fill out the form below to set up a consult with J. Kevin Tharpe to
talk about your wishes and ways he can help you accomplish your goals.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

We have offices in Gainesville and Young Harris for your convenience.

Gainesville Office
405 Broad Street SE
Gainesville, GA 30501

Toll Free: 866-253-6994
Fax: 770-531-5511
Gainesville Law Office Map

Gainesville Office

Young Harris Office
1352 Main Street, Suite 1
Young Harris, GA 30582

Toll Free: 866-253-6994
Fax: 770-531-5511
Young Harris Law Office Map

Young Harris Office