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What Does Estate Mean In Estate Planning?

The combination of the assets and debts of someone who has died.

What Does Health Care Power of Attorney, Health Care Proxy, Medical Power of Attorney Mean In Estate Planning?

A legal document giving someone else the legal authority to make decisions and obtain information related to your health care.  This is valid through incapacity but ends the moment of death.

Example Of Health Care Power of Attorney, Health Care Proxy, Medical Power of Attorney In Regards To Estate Planning

I have named by brother as my power of attorney, but have decided to name by best friend as my health care power of attorney.  My friend is a nurse and lives close by so I think she would be more helpful to me if I need help with medical decisions.

What Does Durable Power of Attorney Mean In Estate Planning?

A legal document giving someone else the legal authority to make general decisions on your behalf when you cannot act for yourself.  This can be limited to doing one thing (signing a mortgage, buying a car) or broad enough to cover anything and everything you make decisions on.  This is valid through incapacity but ends the moment of death.

Example Of Durable Power of Attorney In Regards To Estate Planning

My mom has recently started to have problems with her memory and we are both glad she took the time to draft a power of attorney and name me as the one to help her take care of things.

What Does Disposition and Dispositive Provisions Mean In Estate Planning?

The instructions for distribution or transfer or property or money, generally by a bequest through a will or trust.  The parts of a document that say who will get what, how and when are referred to as the dispositive provisions.

Example Of Disposition and Dispositive Provisions In Regards To Estate Planning

The dispositive provisions of my mom’s will say that I can only receive one-fourth of my inheritance now.  I need to wait for the rest and won’t receive it all until I’m 50!  This is so unfair.

What Does Disclaimer Mean In Estate Planning?

You cannot be forced to accept an inheritance and there are many reasons why you may not want to accept.  If you don’t want to accept you can disclaim your interest.  

Disclaimers usually have time limits (generally 9 months), you cannot have accepted any part of benefit of the inheritance, you must disclaim all of it from one source (you can disclaim from the will but take life insurance) and you cannot say what happens to it.

Example Of Disclaimer In Regards To Estate Planning

My dad’s estate is supposed to be split among myself and my two siblings.  I am currently in the middle of filing for bankruptcy and I know that if I was to take that inheritance it would immediately be used to pay off some of my debts.  I think I will disclaim my inheritance and let my two siblings divide dad’s estate between the two of them.  I won’t benefit, but at least my siblings can enjoy it instead of my creditors taking it all.

What Does Disinherit Mean In Estate Planning?

To prevent someone from inheriting (getting money or assets) from you at your death.  (You cannot always disinherit someone.)

Example Of Disinherit In Regards To Estate Planning

My parents are so mad at my brother that they have threatened to disinherit him.  They have an appointment coming up with their estate planning attorney so I think they may actually write him out of their wills.

What Are Warranty Deeds In Estate Planning?

Used to transfer real estate while also guaranteeing that title is free and clear of encumbrances. If defective, the person making the transfer (selling) will be liable to clear any issues.  Often title insurance is purchased for protection against defective title.

Example Of A Warranty Deeds In Estate Planning

When we bought our house, the seller provided a warranty deed and assured us there were no easements on the property.  It turns out he sold rights for the electric company to have an easement to run power lines across our backyard.  This wasn’t found in the title search.  Good thing we have title insurance.

What Is A Quitclaim Deed In Estate Planning?

Used to transfer title to real estate without guarantees or warranties.  The property is transferred “as is”.

Example Of A Quitclaim Deed In Regards To Estate Planning

Used to transfer title to real estate without guarantees or warranties.  The property is transferred “as is”.

What Is A Deed In Estate Planning?

A legal document generally used to transfer real estate.

Example Of Deed In Regards To Estate Planning

We bought our house through an estate sale so the estate was not able to provide any guarantees or warranties about the property and had to transfer us title using a quitclaim deed.  I guess this is common when you purchase real estate from an estate.

What Does Decedent or Deceased Mean In Estate Planning?

Someone who has died.

Example Of Decedent or Deceased In Regards To Estate Planning

The attorney for my dad’s estate kept telling me that I needed to find all the assets held in the name of the decedent.  I didn’t know what she was talking about until she explained that the decedent was my dad, the person who has died.