Trace Tyler Law | Glossary
Trace Tyler is a fun, engaging attorney who can help make painful processes a little easier. Specializing in will, trusts, and estate law in the Denver area.
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Glossary

Estate Planning

Estate planning is the collection of preparation tasks that serve to manage an individual’s asset base in the event of their incapacitation or death, including the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law.

Read more: Estate Planning Definition | Investopedia http://www.investopedia.com/terms/e/estateplanning.asp#ixzz4DmyKvWhv
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Living Wills

living will is a document explaining whether or not you want to be on life support if you fall terminally ill and will die shortly without life support, or into an irreversible coma or persistent vegetative state. Unlike last wills, they have nothing to do with property division after your death. Rather, they state that you do (or do not) want artificial life support if either:

  • you become terminally ill and will die shortly without life support; or
  • you fall into an irreversible coma or persistent vegetative state.

A living will also lets you make decisions about whether or not you want to receive pain medication or artificial nutrition, and allows you to list other special instructions for your care. For example, some people may want to remain on life support only for a limited time period.

Source: https://www.legalzoom.com/knowledge/living-will/glossary/living-will

Powers of Attorney
Probate

The process of proving in court that the will of a person who has died is valid.

Source: http://www.merriam-webster.com/dictionary/probate

Trusts

A trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. In finance, it can also be a type of closed-end collective investment fund built as a public limited company.

Read more: Trust Definition | Investopedia http://www.investopedia.com/terms/t/trust.asp#ixzz4Dn23VD8h
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Trust Administration

The process of following a trust’s instructions after the death of the grantor.

Source: http://www.dadlawoffices.com/services/trust-administration-probate/trust-administration-probate-definitions/

Wills

A will, also known as a Last Will and Testament, is a legally enforceable declaration of how a person wants his property or assets to be distributed after death. In a will, a person can also recommend a guardian for his minor children and make provisions for any surviving pets.

Read more: Will Definition | Investopedia http://www.investopedia.com/terms/w/will.asp#ixzz4Dn1ay42H
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