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21 Cards in this Set
- Front
- Back
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asset |
a useful or valuable thing, person, or quality |
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beneficiary |
a person or institution who drives benefits from the creation of a trust, proceeds of an insurance policy, bond,or retirement fund when the owner dies. |
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charity |
a non-profit organization |
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decedent |
the person who died |
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estate |
the real and personal property that a person owns |
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estate planning |
provides a clear plan for what should happen upon the death of an individual |
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executor |
a person or institution named in a will to carry out the settlement of an estate. |
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fiduciary |
someone entrusted with managing an estate, includes executor, guardian conservator and trustee |
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gift |
a lifetime transfer of property without receiving payment |
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guardianship |
established by a legal document called a wii |
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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. |
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letter of last instruction |
a signed letter that provides a detailed inventory of assets and liabilities, describes personal preference about transfer of many old pieces of personal property, and contains funeral and burial instructions |
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liability |
any money that ah person owes others |
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living will |
a legal document that expresses a persons wishes regarding prolonging his or her life by artificial, extraordinary, or heroic measures |
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opportunity cost |
the value of the next best alternative that must be forgone as a result of decision |
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personal property |
property owned by the deceased individually, such as a car, jewelry, stocks |
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testator |
a man or women makes a will |
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time utility |
concept that refers to satisfaction received from time given up |
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trade-off |
giving up one thing for another |
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value |
a fundamental belief or practice about what is desirable, worthwhile, and important to an individual |
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will |
a written document representing the instructions of the deceased for the distribution of the state |
