Estate & Legal, explained simply.

A beneficiary designation is a form attached to financial accounts that specifies who receives the assets directly upon the account holder's death, bypassing probate.

A charitable trust is an irrevocable trust that benefits a charitable organization while potentially providing tax deductions and income to the grantor or beneficiaries.

Community property is a legal system in some US states where most assets and debts acquired during marriage are owned equally by both spouses.

A conservatorship is a court-ordered arrangement where a person or organization is appointed to manage the financial and/or personal affairs of an incapacitated individual.

A durable power of attorney is a legal document that grants someone authority to manage your financial and legal affairs, remaining effective even if you become incapacitated.

An estate planning checklist is a comprehensive guide to the essential documents, designations, and decisions needed to protect your assets and family.

An executor is the person named in a will to manage the estate after death, including paying debts, filing taxes, and distributing assets to beneficiaries.

A generation-skipping trust transfers wealth directly to grandchildren or later generations, potentially avoiding one layer of estate tax.

Guardianship is a legal arrangement where a court appoints someone to make personal and financial decisions for a minor child or incapacitated adult.

A healthcare proxy is a legal document that appoints a trusted person to make medical decisions on your behalf if you are unable to do so.

An inheritance tax is a state-level tax paid by the person who receives assets from a deceased person's estate, based on the value of the inheritance.

Intestate succession is the legal process that determines how your assets are distributed if you die without a valid will.

An irrevocable trust permanently transfers assets out of your estate, providing estate tax benefits, creditor protection, and Medicaid planning advantages.

Joint tenancy is a form of property co-ownership where all owners have equal shares and the surviving owners automatically inherit a deceased owner's share.

A living trust is a legal entity created during your lifetime to hold and manage assets, allowing them to pass to beneficiaries without going through probate.

A living will is a legal document that specifies your wishes for medical treatment if you become unable to communicate your decisions.

A payable on death designation on a bank account allows the funds to pass directly to a named beneficiary upon the account holder's death, avoiding probate.

Probate is the court-supervised legal process of validating a will, settling debts, and distributing a deceased person's assets to beneficiaries.

A revocable trust is a living trust that you can modify, amend, or dissolve at any time during your lifetime while retaining full control of the assets.

A special needs trust holds assets for a disabled beneficiary without disqualifying them from government benefits like Medicaid and SSI.

A step-up in basis resets an inherited asset's tax cost basis to its fair market value at the date of death, eliminating capital gains tax on appreciation during the original owner's lifetime.

Tenants in common is a form of property co-ownership where each owner holds a distinct share that can be different in size and is transferable independently.

A transfer on death designation allows investment and brokerage account assets to pass directly to named beneficiaries upon the owner's death, bypassing probate.

A trust fund is a legal entity that holds and manages assets on behalf of a beneficiary, with terms set by the person who created and funded it.

A will is a legal document that specifies how your assets should be distributed and who should care for your dependents after your death.