Glossary
Bequest - A gift of personal property given upon the giver's death via a Will.Devise - A gift of real property (real estate) given upon the giver's death via a Will.
Estate - All the assets that a person owns, including both real estate and personal property.
Executor - The person appointed by a Testator to carry out the provisions in the Testator's Will.
General Bequest - A gift of a certain dollar amount given upon the giver's death via a Will. For example, "I give $10,000 to my uncle, Elmer Fudd." There is no reference to where that $10,000 will come from. It will be up to the Executor to decide from which account the money should come, or which asset of the estate needs to be liquidated to raise the $10,000.
Homestead Declaration - A document that can be filed with the Registry of Deeds, protecting $500,000 worth of equity in one's primary residence from certain types of creditors.
No-Contest Clause - Language that can be inserted into a Will that prevents heirs from contesting the Will by automatically disinheriting anyone who does so.
Personal Property - Any property that is not real estate. This includes not only personal items such as clothing, jewelry, and automobiles, but also cash, stocks, bonds, CDs, etc.
Probate - A court proceeding in which a deceased person's estate is inventoried, notice is given to all interested parties, creditors' claims are paid or defended against, and after all expenses, legal fees, and debts are paid, what remains of the estate is distributed to his or her heirs.
Residue (also called Rest, Residue, and Remainder) - Real or personal property given via a Will that is neither a Specific nor General Bequest.
Revocable - This term describes certain types of trusts. The Donor has the power to change the terms of the trust agreement or to eliminate the trust altogether and regain complete ownership of the trust assets.
Specific Bequest - A gift of real or personal property that is specifically referred to in a Will. For example, "I give my 1969 Corvette to my nephew Roger Rabbit," or "I give my beach house on Nantucket to my niece Jessica Rabbit."
Spendthrift Clause - Language that can be inserted into a Trust document that protects a Beneficiary's interest in the trust from most types of creditors.
Testator - A person who makes a Will.
Trust (generally) - An agreement between the person creating the trust (called the Donor) and the person who will manage the trust (called the Trustee) for the benefit of one or more individuals (Beneficiaries).
Trust (Living Trust) - A commonly used term. It is simply a trust that is created during the Donor's lifetime. Assets held by a Living Trust do not have to go through probate upon the Donor's death. This type of trust can be either revocable or irrevocable.
Trust (Testamentary Trust) - Used less often, this type of trust is created upon the death of the Donor. The Donor's Will spells out who the Trustee and Beneficiaries will be, and how the trust property will be managed. This type of trust is useful in some situations, but it does not allow one's estate to avoid probate.
Trust (Supplemental/Special Needs) - A trust drafted to provide items in excess of basic support and not be a countable asset or resource for purposes of determining the Beneficiary's eligibility for Medicaid or similar public benefits.
Will - A document by which a person directs his or her estate to be distributed upon death. A Will does not have any legal effect until it is filed with the appropriate court when the testator dies.
