| A | B |
|---|
| Will | A written document representing the instructions of the deceased for the distribution of the estate |
| Value | A fundamental belief about what is desirable, worthwhile, and important to an individual |
| Trade‐Off | Giving up one thing for another |
| Testator | A man or woman who writes a will |
| Time Utility | Concept that refers to satisfaction received from time given up |
| Personal Property | Property owned by the deceased individually, such as a car, jewelry, stock |
| Opportunity Cost | The value of the next best alternative that must be forgone as a result of a decision |
| Living Will | A legal document that expresses a person’s wishes regarding prolonging his or her life by artificial, extraordinary, or heroic measures when death is inevitable |
| Liability | Any money that a person owes others |
| Letter of Last Instruction | A signed letter that provides a detailed inventory of assets and liabilities, describes personal preferences about transfers of many odd pieces of personal property, and contains funeral and burial instructions |
| Guardian | A person legally charged with the duty of taking care of another who, because of age intellect, or health, is incapable of managing his or her own affairs. |
| Guardianship | Established by a legal document called a will |
| Gift | A lifetime transfer of property without receiving payment |
| Fiduciary | Someone entrusted with managing an estate; includes executor, guardian, conservator and trustee |
| Executor | A person or institution named in a will to carry out the settlement of an estate. This person or institution pays the debts, manages the property and later distributes it according to the provisions of the will. Also known as a Personal Representative |
| Estate Planning | Provides a clear plan for what should happen upon the death of an individual |
| Estate | The real and personal property that a person owns |
| Decedent | The person who died |
| Charity | A non‐profit organization |
| Beneficiary | A person or institution who derives benefits from the creation of a trust, proceeds of an insurance policy, bond, or retirement fund when the owner dies. There can be one or more beneficiaries |
| Asset | A useful or valuable thing, person, or quality |
