| A | B |
|---|
| Beneficiary | Person/institution who benefits from the creation of a trust, insurance policy, bond, or retirement fund when the owner dies |
| Charity | A non‐profit organization |
| Decedent | The person who died |
| Estate | Real and personal property that a person owns |
| Estate Planning | A clear plan for what should happen upon the death of an individual |
| Executor | A person or institution named in a will to carry out the settlement of an estate. |
| Fiduciary | Someone entrusted with managing an estate, guardian, conservator and trustee |
| Asset | A useful or valuable thing, person, or quality |
| Gift | A lifetime transfer of property without receiving payment |
| Guardianship | Established by a legal document called a will |
| Guardian | A person legally charged with the duty of taking care of another who is incapable of managing his or her own affairs |
| Letter of Last Instruction | A signed letter that provides a detailed inventory of assets & liabilities, describes personal preferences about of personal property, & contains funeral & burial instructions |
| Liability | Any money that a person owes others |
| 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 |
| 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 |
| Trade‐off | Giving up one thing for another |
