• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Wilcox Attorneys, PA

Wilcox Attorneys, PA an Arkansas Estate Planning & Trust Information Center

Northwest Arkansas Estate Planning Attorneys (479) 443-0062

Client Vault
  • Home
  • Our Firm
    • Our Firm
    • About the American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • News & Events
    • Speaker Connection
  • services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • Legacy Planning
    • Pet Planning
    • Secure Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Webinars
  • Practice Areas
  • Resources
    • DocuBank
    • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Articles
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • Incapacity Planning
      • Legacy Wealth Planning
      • Medicaid Planning
      • Pet Planning
      • Probate
      • Trust Administration & Probate
    • Newsletters
    • Pre Consultation Form
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Contact Us
  • Blog

Estate Planning Terms (Part 2 of 2)

May 9, 2011 by Deb Sexton Leave a Comment

As discussed in the previous blog post (part 1of 2, Estate Planning Terms), it can be confusing trying to understand all of estate planning terms associated with estate planning.  If you have any further questions of if you’d like to start your plan, consult with a qualified estate planning attorney.

Durable power of attorney: This legal document gives an agent the authority to make decisions for you when you are unable to do so yourself.

Living will: A legal document that allows you to outline your desires for medical treatment and procedures ahead of time.  This document is often used to express whether an individual wants to remain on life support if he or she becomes terminally ill.

Incapacity: The lack of ability to act on your own behalf either mentally, physically, or legally.

Intestate: The act of dying without a legally valid will.

Testate: The act of dying with a legal will.

Fiduciary: A person with legal responsibility such as the trustee of a trust, the executor of a will, and agent under a power of attorney.

Joint Tenancy with Rights of Survivorship: The holding of property by two or more owners with a survivorship feature.  Upon the death of one tenant, the survivor gains full ownership of the property by operation of law.

Revocable living trust: A trust that can be modified and altered by the grantor at any time during his or her lifetime so long as the grantor is well.

Probate: The legal process in which a will is reviewed to determine its authenticity and validity.    Probate also refers to the administering of a deceased person’s estate.  The process of probate can be extremely lengthy, costly and is made public.  Many people plan their estate in a way that allows them to avoid probate.

If you have any questions about the above estate planning terms, consult with a qualified estate planning attorney.  And, if you missed it, check out part 1 of 2, Estate Planning Terms.

  • Author
  • Recent Posts
Deb Sexton
Latest posts by Deb Sexton (see all)
  • Estate Planning is Essential Whether You Are Married or Not - April 25, 2018
  • Income Tax Basis in Estate Planning – Part 2 - April 23, 2018
  • The Downsizing Generation: How to Handle a Surplus of Stuff When a Loved One Ages - April 18, 2018

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Wilcox Attorneys, PA

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Subscribe to Our Blog

Subscribe to our blog for all the latest estate planning news and updates!

Office Address

Fayetteville
2766 Millennium Drive
Fayetteville, AR 72703
Phone: (479) 443-0062

Office Address

Prairie Grove
1100 Division Street, Suite 4
Prairie Grove, AR 72753
Phone: (479) 846-6026

( By Appointment Only )

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 12:00 PM

Map

map for office
  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

footer-logo

© 2023 American Academy of Estate Planning Attorneys, Inc.