 Administrator – the person appointed by the court to manage one's property when he or she dies without drawing up a will. The duties of administrators are the same as the duties of executors.
Annuity – the amount of money that have to be paid yearly or at other regular intervals.
Appreciated property – such property as real estate or stock, which has increased in value.
Beneficiary – a person appointed to get benefits or funds under a will or other contract, like an insurance policy, trust or retirement plan.
Bequest – a gift or legacy left by will, as a rule it is a personal property or assets.
Charitable gift annuity – a contract in which you transfer cash or other assets to a charitable organization. In exchange this organization has to pay you an annuity for life.
Charitable trust – a trust that has a charitable organization as a beneficiary.
Codicil – a legal document made to modify an earlier will.
Corporate fiduciary – an institution that works for the benefit of another, for example, a bank acting as trustee.
Cost basis – the primary value of an asset, like stock, before its appreciation or depreciation.
Durable power of attorney – a written juridical document that allows a person to designate another person to act on his or her behalf, even in case the person becomes disabled or incapacitated.
Estate tax – a tax imposed at one's death on the transfer of most types of property.
Executor (or personal representative) – the person mentioned in a will to manage the property. This person will have to pay any debt and apportion your property or assets according to the will.
Fiduciary – a person or institution legally responsible for the management, investment and distributions of funds. The examples of fiduciaries are trustees, executors and administrators.
Gift tax – must be paid by the person making the gift, rather than the recipient.
Gift-tax annual exclusion – the provision in the tax law that exempts the first $12,000 (as adjusted for inflation) in present-interest gifts an individual gives to each recipient during a year from federal gift taxes.
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