Important Note in Using this Glossary
The definitions provided in this glossary were prepared by Michael W. Goldstein, a New York Wills and Estates Attorney. These definitions are based upon principles of New York Sate law which are current as of the date this page was written. For legal matters outside of New York State, such as those involving wills, trusts or estates outside of New York State, the laws of other states will apply, and therefore, the definitions in this glossary may not be applicable.
New York Wills, Trusts & Estates Glossary
Administering the Estate
If the person who died (“decedent”) had no Will, the process of collecting and distributing the estate’s assets is referred to as administering the estate.
Attorney-in-Fact or (or “Agent”)
The person designated to act in place of the principal or donor under a power of attorney
Codicil
Document that modifies an existing Will. In New York State, a Codicil must be executed in accordance with the statutory requirements and formalities of a Will.
Durable Power of Attorney
Power of Attorney that remains in effect even if the person who signs the Power of Attorney becomes mentally or physically incapacitated.
Health Care Proxy
Document that designates a trusted relative, friend, etc. to make health care decisions for you.
Intestacy
The laws of intestacy provide for distribution of the assets of someone who dies without a valid Will
Intestate
A person who dies without a valid Will
Last Will & Testament (Will)
Directs how your property will be distributed when you die. The Will should also identify the executor, who will follow your instructions regarding managing and distributing your assets after you die. In addition, a Will may also designate a guardian to take care of your minor children
Living Will
Document that expresses your wishes regarding your medical treatment, in the event that you become mentally or physically incapacitated.
Principal of a Power of Attorney
The person who grants legal authority to a designated agent to act under a power of attorney is known as the “principal” of the power of attorney. Previously, the principal of a power of attorney was known as the “donor” of the power of attorney.
Probating an Estate
If the person who died (“decedent”) had a valid Will, the process of collecting and distributing the estate’s assets is referred to as probating the estate.
Proponent of the Will
The person claiming that the Will is valid, and was executed in conformity with the statutory and procedural requirements of New York law
Power of Attorney
Legal document that authorize a trusted relative, friend or other designated person to take care of some or all of your legal or financial matters. It can be limited to a particular transaction, or type of transaction, or it may be broad in scope. The Power of Attorney may be effective immediately, or may only become effective in the event that you become mentally or physically incapacitated, or upon some other occurrence.
Revocable Living Trust (also called an Inter Vivos Trust)
A trust that is created during the lifetime of the grantor (person who transfers property to the trust.) The Revocable Living Trust is sometimes referred to as a Family Trust. The grantor of the trust is sometimes referred to as the settlor.
Testamentary Trust
A trust that becomes effective only upon the death of the person creating the trust. The Testamentary Trust is not created by a separate trust document, but rather is created as part of the grantor’s Last Will and Testament (“Will”)
Will Contest
Lawsuit in the Surrogate’s Court claiming that the decedent’s Will is invalid, and therefore that the decedent’s property should pass either by the terms of a prior Will, or by the laws of intestacy (which provide for distribution of the assets of someone who dies without a valid Will.)
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