Glossary: Common Terms & Documents

A legal document that states your wishes for who should receive your property and belongings (such as your home, savings, any valuables, etc.) after you die. It also names a personal representative (or executor) to carry out those wishes. It describes funeral and burial instructions and can appoint guardians who will take care of your children if they’re under 18.

While most people assume a will is enough, a will alone does not avoid probate—a public, court-supervised process that can take months or even years. If you don’t have a trust, your will becomes the primary directive for your estate, and probate is usually required.

Example: Think of a will as a roadmap for your family. If something happens to you, your will helps ensure your wishes are known and followed. For example, if you have young kids, you can name a guardian—avoiding leaving that decision up to the courts.

A special type of will that works in tandem with a revocable trust. It names guardians for your children if they’re under 18 and designates a personal representative (or executor), just like a regular will to handle any assets you own that aren't already in your trust when you die. Its key role is to "pour over" any assets that were not transferred into the trust during your lifetime—sending them into the trust after your death.

A pour-over will does not replace the need for a trust, and by itself does not avoid probate. However, it ensures that your overall plan remains intact if anything was left out of the trust.

Example: Say you created a trust to handle the bulk of your assets, but you forgot to retitle a bank account into it. The pour-over will ensures that account is directed into the trust, ensuring that everything ultimately falls under the plan you've carefully crafted for your family.

A comprehensive, flexible planning tool that lets you manage and protect your assets during your life and control their distribution after your death—all without going through probate, if properly funded.

You name a trustee (which can be you, and later someone else) to manage your assets during your life, including if you become incapacitated. After your death, your successor trustee follows your instructions—privately, efficiently, and outside of court. Unlike a will, a revocable trust remains private and becomes active the moment it’s signed and funded.

Example: You set up a revocable trust to pay for your children’s education and ensure your home goes to your sister. Your trustee takes over if something happens to you and carries out your wishes—without court involvement.

A legal document that lets you choose someone you trust - called your “agent” - to handle your financial matters (like paying bills or managing investments) if you become unable to do so, or simply want their help.

Example: You’re away on vacation and face an unexpected medical emergency, or perhaps you fall ill. With a power of attorney, your trusted agent can manage your bills, investments, or legal matters, keeping everything running while you focus on recovery.

Similar to how a power of attorney works with finances, a healthcare power of attorney lets you appoint someone to make medical decisions on your behalf if you’re unable to. This helps ensure that your health care preferences are respected, even when you can’t communicate them yourself.

Example: If you’re in an accident and are unable to communicate, the person you’ve designated as your healthcare agent will be able to make decisions based on your values—like whether to pursue life-saving treatment or let go in a way that aligns with your wishes.

Written instructions about what kind of medical care you want (or don't want) if you become terminally ill and can't communicate your preferences. This legally binding document helps ensure that healthcare providers and loved ones understand your wishes, sparing your family from difficult decisions during a challenging time.

Example: If you’re diagnosed with a terminal illness, your living will can specify whether you want to pursue life-extending treatments or if you’d prefer comfort care, taking the pressure off your family to make those choices for you.

HIPAA is a privacy law that protects certain medical information, but sometimes, you may need or want to allow other people access to your health data. The HIPAA release gives permission for doctors to share your health information with family members, ensuring your loved ones are kept in the loop about your condition.

Example: If you fall ill and can’t communicate, your sibling or spouse can step in and access your medical records to make informed decisions on your behalf, ensuring that the right care is provided quickly.

Beneficiary designations let you name who should receive certain assets—like life insurance, retirement accounts, or payable-on-death bank accounts—when you pass away. These designations override what’s in your will and typically allow assets to transfer directly to the named person(s) without going through probate. It’s important to keep them up to date as life changes.

Example:
You have a life insurance policy through work. When you first signed up, you named your sister as the beneficiary. Years later, you get married—but forget to update the form. If something happens to you, that money will still go to your sister, even if your will says it should go to your spouse. That’s because beneficiary forms override your will, and the company pays out directly to the person listed—no court process needed.

A personal letter to your family or decision-makers that explains your values, hopes, and reasons behind your choices. While not legally binding, it helps them understand your thinking and can include important details about how you'd like your children to be raised (like education preferences, religious values, or family traditions) and how you'd like your pets to be cared for (such as their routines, medical needs, or preferred caregivers).

A legal document that shows who owns a piece of real estate (like your house or land) and transfers ownership when property is sold or given to someone.

A written agreement couples make before marriage that spells out how they'll handle their finances and property if they later divorce or when one spouse dies. Also called a premarital agreement.

Similar to a prenuptial agreement, but made after marriage. Also called a postnuptial agreement.

A contract between unmarried partners who live together. It outlines how you’ll handle money, property, and responsibilities during your relationship—and what happens if you break up. It can cover things like who pays for what, what happens to shared property, and whether one person can stay in the home if you separate. It’s a smart way to avoid confusion or conflict later, especially since unmarried couples don’t have the same automatic legal protections as married ones.

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