Estate Planning

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advocacy

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the act or process of writing or speaking in favor of, or about a cause.

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altruism

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the principle or practice of unselfish concern for the welfare of others.

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crowd funding

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the practice of funding a project or venture by raising small amounts of money through donations from a large amount of people, typically raised via the internet.

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estate plan

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a clear outline for what should happen upon death of an individual.

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expense

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a clear outline for what should happen upon death of an individual.

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financial planning

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managing money in ways that build a sense of understanding, competence and control.

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healthy giving

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when an individual gives out of excess in his or her life and the act provides positive emotions for both the giver and receiver.

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oppurtunity cost

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the value of the next best alternative that must be forgone as a result of a decision.

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philanthropy

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the desire to promote the welfare of others, expressed especially by the generous donation of time and/ or money to worthy causes.

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pro-social spending

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money spent on others

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public service announcement

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print advertisement or broadcast commercial on tv or radio, intended to change attitudes by raising awareness about specific issues.

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resources

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anything that can be utilized to meet an objective. it can include human capital, money, time, emotion and more.

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social capital

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personal investment of time through social interactions that builds trust and enables participants to act together more effectively to pursue shared objectives.

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social enterprise

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an organization that applies commercial strategies to maximize improvements in human and environmental well-being rather than maximizing profits for shareholders.

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spending plan

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an income and expense statement sometimes reffered to as a budget which records both planned and actual income and expenses over a period of time.

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time utility

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concept that refers to satisfaction received from time given up.

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trade off

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giving up one thing for another.

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unhealthy giving

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produces diminished well-being for both the giver and the receiver.

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utility

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measure of satisfaction.

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value

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a fundamental beleif or practice about what is desireble, worthwhile, and important to an individual.

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well-being

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feeling good about one's life.

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asset

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a useful or valuable thing, person, or quality.

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charity

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a non-profit organization

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decedent

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the person who died.

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estate

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the real and personal property that a person owns.

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estate planning

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provides a clear plan for what should happen upon the death of an individual.

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executor

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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.

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fiduciary

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someone entrusted with managing an estate; includes guardian, executor, conservator and trustee.

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gift

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a lifetime transfer of property without receiving payment.

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guardianship

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established by a legal document called a will.

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guardian

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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.

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letter of last instruction

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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.

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liability

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any money that a person owes others.

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living will

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a legal document that expresses a persons wishes regarding prolonging his or her life by artificial, extrodinary, or heroic measures when death is inevitable

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opportunity cost

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the value of the next best alternative that must be forgone as a result of a decision.

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personal property

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property owned by the deceased individually, such as a car, jewelry, stocks.

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testator

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a man or woman who makes a will.

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will

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a written document representingthe instructions of the deceased for the distribution of the estate.