A
A-B Or A-B-Q Trust
This term refers to the split between the portion of the surviving spouse (A) and the share of the deceased (B) that then goes to a Bypass Trust. An A-B-C trust, on the other hand, adds a marital deduction trust when the share of the decedent exceeds the tax-free allowance that then goes to the Bypass Trust. Abatement
The act of suspending a case before the estate is closed. This can be due to a lack of adequate financial resources to handle the existing debts. Absolute
Giving the inheritance to an heir without any conditions. Accounting
A periodic report that is prepared by the executor, administrator, or a trustee showing the financial activity of the estate or the trust for a defined period. Acknowledgment
A declaration that is used to confirm the validity of a legal instrument such as a will or a trust. Actuary
A statistician that computes pension rates and premiums, dividends, and reserves on behalf of someone else. Ademption
The failure for a request on the property to go through just because the property isn’t part of the estate of the testator anymore at the time of death. Administration of an Estate
The process of overseeing the affairs of the decedent’s trust or estate. Administrator (male)/Administratrix (female)
A person or a financial entity that is assigned the task of taking care of the estate of a decedent that died intestate or that failed to name an executor when the named executor cannot handle the tasks assigned to him. Administrator With Will Annexed
The administrator that takes the place of an executor in a will. This is possible when the executor isn’t able to perform his duties or isn’t available at the time when he is needed. Adoption
A judicial act of establishing a legal parental relationship without any genetic linkage. Adult
In New York, a person that is 18 years of age or older is regarded legally as an adult. Advance Medical Directives
A document that the will-maker comes up with to state his wishes concerning life-sustaining treatments or chooses a person to make medical decisions on their behalf. Affiant
The person that swears to the truthfulness of the statements that are in a sworn statement. Affidavit
A written declaration or assertion that is made of your own accord and confirmed by oath by the affiant before a notary to administer the declaration. Agent
The person granted the power to act on behalf of another person, as if he was the one making the decisions. Age-Restrictions Trust/Age Limit Trust
A trust that bases on age-defined restrictions to distribute the assets. For instance, the will-maker can come up with a trust to distribute assets after every one year or when the beneficiary attains a certain age, say 25 years. Agreement For Sale
Terms and conditions that define the sale of an asset by a seller to a buyer. The terms also include the sell amount as well as the expected date of final payment. During this time, the seller retains total control over the property. Alien
A person that lives in a country where he is not a legal citizen. See “non-citizen.” Alimony Payments
The legal obligation to make payments to your spouse when a marriage ends. Alternate Valuation Date
A date that falls exactly six months after the death of the will-maker. This is the date when the executor decides to revalue the property for tax purposes or not. Amortization
A plan to repay a loan in equal payments over a certain period. Each payment comprises the principal and the interest accrued over time. Anatomical Gifts
A donation of all or part of the human body that takes effect after the donor passes away. The donation can be for therapy, transplantation, or research. Ancestor
A person that comes before you in a lineage – a parent, grandparent, or great-grandparent. Ancillary Administration
Probate proceedings that are held in another state from the state of domicile where the decedent owned real estate. The aim is to pass the estate in the foreign state to a new owner. Ancillary Jurisdiction
A law that operates outside the state of residence of the decedent. For instance, if the decedent owned property in Texas but lived in New York, then the law in Texas is considered ancillary jurisdiction. Annual Exclusion
The amount in the form of assets that can be given to an heir every year free of tax. Annuitant
The individual that receives an annuity. Annuity Gifts
An agreement between the donor and a charitable organization allowing him to transfer assets to the charity in exchange for an income or tax reduction. Annuity Trust
A trust that is made by an annuitant with a third party where he receives a specific amount of money at specific intervals, for a specific term or life. Can be either in cash or in assets. Ante-nuptial Agreement
A contract between a couple that is seeking to get married, which defines the property rights for each spouse and the kids. Anti-Lapse
A statute that prevents the property or gifts to relatives from lapsing unless the relative doesn’t have an heir of his own. Applicable Credit Amount
A credit that you get against the federal estate tax. Every person is entitled to a certain amount in credit to use for paying off federal tax that is due. Applicable Exclusion Amount
An amount transferable at death of a will-maker with federal estate tax-deferred. Applicable Exemption Amount
See “applicable exclusion amount.” Appointor
The person with the power to nominate and fire the trustees as per a deed or a will. Apportionment Rule
A statute that ensures all estates are treated equally. For instance, taxes are imposed on the estates according to the size of the estate. Appraisals
Coming up with the value of an estate by use professional appraisers. Appraiser
The expert that is tasked with determining the value of the asset for tax purposes. Appreciated Property
Assets that have attained a higher value over time, usually during the marriage. Articles Of Incorporation
The do 