| A | B |
|---|
| 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 |
| Liability | Any money that a person owes othe |
| 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 |
| Opportunity Cost | The value of the next best alternative that must be forgone as a result of a decision |
| Personal Property | Property owned by the deceased individually, such as a car, jewelry, stocks |
| Testator | A man or woman who makes a will |
| Time Utility | Concept that refers to satisfaction received from time given up |
| Trade Off | Giving up one thing for another |
| Value | A fundamental belief or practice about what is desirable, worthwhile, and important to an individual |
| Will | A written document representing the instructions of the deceased for the distribution of the estate |
