Will Glossary

Estate- n. 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.

Executor- n. (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- n. 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 wen a spouse or family member is appointed executor. 

Guardian- n. 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.Note: Louisiana residents: Although the provision in a Will providing for a guardian of minor children is not binding in your state, it is highly persuasive in a proceeding for the appointment of a guardian and should be included in the Will of any person with minor children.

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

Joint Tenants with Right of Survivorship- n. 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. 

Living Will- n. see Physician's Directive

Peace of Mind- n. The wonderful feeling you get as a Legal Shield member, after having your Will prepared by a qualified law firm at a resonable price. 

Personal Representative- n. see Executor

Physician's Directive- n. ( also Living Will) A legal document containing instructions for physicians regarding your life-support preferences.

Probate- n. The judicial determination of the validity of a Will.

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

Willn. 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.

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