A legal document that allows you to set out written wishes for your medical care, name a person to make sure those wishes are carried out, or both.

A type of written contract between two people who are about to marry, setting out the rights of each party in the event of divorce or the death of either party. These are especially important for couples with children from a prior marriage or if one or both spouses are entering the marriage with significant assets. These are also known as prenuptial agreements, prenupts, and premarital agreements.

Also known as an agent. Someone specifically named as an agent for another person (the principal) through a written power of attorney document.

A document authorized by Missouri law that allows for the transfer of real estate to a beneficiary without probate administration.

The act of giving assets by the terms of a last will and testament. Strictly, to give personal property, as opposed to devise real property.

An estate planning device that transfers assets in such a way as to take full advantage of estate tax exemptions while providing maximum income to a surviving spouse.

An individual, appointed by a judge, to protect, preserve and manage the financial affairs of another (the protectee) under the supervision of the court.

A future interest in real property which a party will receive only if a certain event occurs or certain circumstances happen.

The gift of real property by last will and testament.

A person who receives a gift of real property under a will.

A power of attorney that remains in effect even if the person who made the document becomes incapacitated. If a power of attorney is not specifically made durable, it automatically expires if the maker becomes incapacitated.

A legal right to receive either real property or personal property at some time in the future, either upon a particular date or upon the occurrence of an event. A future interest does not include the right to present possession or enjoyment of the property.

A broad power of attorney document that gives the named agent power to handle all matters permitted by law on behalf of the person (called “the principal”) who executed the document.

The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. A gift tax return must be filed whenever an individual makes a gift in excess of the annual exclusion, which is $14,000 in 2013.

The party who transfers title, easement, grant or right, such as one who establishes a trust, also called a settlor.

Grantor trust is a term used in the Internal Revenue Code to describe any trust over which the grantor or settlor retains the power to control or direct the trust’s income or assets. All revocable trusts are, by definition, grantor trusts. If a trust is a grantor trust, then the grantor is treated as the owner of the assets, the trust is disregarded as a separate tax entity, and all income is taxed to the grantor rather than to the trust.

A person who is unable by reason of any physical or mental condition to receive and evaluate information or to communicate decisions to such an extent that he is unable to provide himself with food, clothing, shelter, safety, or other care such that physical injury, illness or disease is likely to occur.

A legal term referring to a transfer or gift made during one’s lifetime, as opposed to a testamentary transfer which is a transfer or gift made upon death. An inter vivos trust is often used synonymously with the more common term living trust. Latin for between the living.

Trust agreement which cannot be amended or revoked.

A relationship in the ownership of real property, which provides that each party owns an undivided interest in the entire parcel, with all joint owners having an undivided, non-exclusive right to the property.

A life estate is a concept used in common law and statutory law to designate the ownership of land for the duration of a person’s life. The right to use or occupy real property for one’s life. An estate in real property that ends at death.

Trust agreement whose provisions are in effect during the lifetime of the person who established the trust. Also called an “inter vivos trust.”

A legal document in which you state your wishes about the types of medical care you desire if you are unable to speak for yourself. This document may go by many other names, including health care directive, advance care directive or health care declaration.

The transferring of property directly to the beneficiary at death without going the necessity of a probate court administration.

Type of non-probate transfer usually used for bank accounts and other financial investments.

A method of describing who is to receive a distribution of property in either a will or trust where the intended recipient(s) are described as a class.

The Missouri term for an executor or executrix.

Consists of techniques and tools that can help save taxes and other expenses where the inter vivos planning was inadequate.

A will of a person who has already executed a trust in which all property is designated to be distributed or managed upon the death of the person whose possessions are in trust, leaving all property to the trust. A pour over will is a protection which is intended to guarantee that any assets which somehow were not included in the trust become assets of the trust upon the party’s death. A pour over will often provides that if the trust is invalid in whole or in part, the distribution under the will must be made under the same terms as stated in the invalid trust.

A type of written contract between two people who are about to marry, setting out the rights of each party in the event of divorce or the death of either party. These are especially important for couples with children from a previous marriage or if one or both spouses are entering the marriage with significant wealth or assets. These are also known as antenuptial agreements, prenups, and premarital agreements.

Deed by which the grantor releases all his interest in property by passing any interest, claim, or title in the property which he has. The grantor makes no warranties or covenants of good title in a quitclaim deed.

Land and permanent attachments to the land, including buildings, fences, and all the permanent attachments to the buildings, including heating, plumbing, lighting, masonry, and other fixtures.

A trust set up during life that can be revoked at any time before death. revocable living trusts are frequently used manner of avoiding the cost, publicity and hassle of a probate administration. Also called an “inter vivos trust.”

A trust that can be amended or revoked by its maker or Settlor.

The right to choose and control the burial, cremation, or other final disposition of a deceased person’s body.

A person who creates a trust and transfers property to it. May also be known as a grantor.

A trust that is designed to protect the assets of a person who is disabled. These trusts can be set up by a parent, grandparent, legal guardian or the court and are designed to provide extra funds to the disabled person without jeopardizing governmental or other public benefits that the disabled person may be receiving.

The giving of a gift of a specific item of personal property to a person as set forth in a will.

A trust established for the benefit of a person that has restrictions upon the distribution of the trust property designed to guard against the beneficiary’s misuse or wasting of the trust assets and to generally protect the trust assets from the creditors of the beneficiary.

Joint ownership of title by husband and wife, in which both have the right to the entire property, and, upon the death of one, the other has full rights of survivorship. This form of ownership provides some protection from creditors.

Title to property held by two or more persons, in which each has an “undivided interest” in the property and all have an the right to possess the property. The percentage of interests may not be equal. There are no rights of survivorship with property held as tenants in common.

Possessing the mental competency to execute a last will and testament; being of sound mind. The author of the will must have the ability to know the extent of his property and weigh and appreciate his obligations toward the natural objects of his bounty, his family.

Transfer or disposition of property through a last will and testament; the manner in which the terms of a will divide the testator’s estate, including specific gifts to named beneficiaries.

A trust created in a Last Will and Testament which does not become effective until the death of the person who wrote the will.

Male/female person who writes a will.

In property law, the right to own and possess real and personal property. As applied to real property, “title” identifies the legal owner of the land.

A type of non-probate transfer usually used on motor vehicles, stocks or brokerage accounts, etc.

An arrangement whereby assets are managed, held, and distributed for the benefit of one or more persons or entities (called beneficiaries). Assets in a trust may include money, stocks, bonds, real estate or other possessions. The person(s) making the trust arrangement is called the settlor or grantor. Property held in trust will avoid probate upon the death of the settlor or grantor. Trusts can own and manage property for the benefit of minor children, the disabled, and incapacitated or spendthrift beneficiaries.

The document which states the terms and conditions of the trust and dictates the conduct of the trustee.

A person or institution who is in charge of and takes care of the assets of a trust. A trustees owes fiduciary duties to the beneficiaries and must treat all classes of beneficiaries, either current or future, equally and fairly.

One who creates a trust. Also may be called “settlor” or “grantor”.

An interest or right in property, in which the tenant has an equal right to use and enjoy the entire property.

A uniform law adopted by most states which provides for the means of making a gift in trust to minors. The Act includes statutory methods for managing such gifts. The Act replaces the Uniform Gifts to Minors Act.

A fixed right to receive an interest in property, whether now or in the future, which cannot be taken away and is not contingent upon the happening of any other event. This should be contrasted with a contingent interest, which may or may not vest upon the happening or occurrence of any particular event.

A document by which a person provides instructions for the disposition of his or her property upon their death.