Estate Planning Terms

adjective Describing someone who has passed away or is no longer living.

• The deceased left behind a will outlining the distribution of their assets.
• I heard that the deceased's family is holding a memorial service next week.
• Did you hear about the deceased? It's such a sad situation.
• The once vibrant neighborhood now feels like a deceased ghost town.

adjective not able to be changed, reversed, or recovered; final

• Once you sign the contract, it becomes irrevocable.
• I made an irrevocable decision to quit my job and travel the world.
• Dude, once you hit send, that text is irrevocable.
• The impact of her words was irrevocable, leaving a lasting impression on everyone in the room.

noun a legal arrangement where two or more individuals share ownership of a property or asset

• The siblings entered into a legal agreement for joint ownership of the family business.
• My friend and I are going in on joint ownership of a vacation home together.
• Me and my buddy are going halfsies on joint ownership of a car.
• Their partnership was like joint ownership of a ship, navigating through the challenges together.

noun a company that acts as a fiduciary, trustee, or agent for individuals or businesses in the management of assets, estates, or investments

• The trust company manages assets on behalf of clients and ensures they are invested wisely.
• My friend works at a trust company and helps people with their financial planning.
• I heard the trust company is where all the big shots go to grow their money.
• In a way, a trust company is like a financial guardian, guiding your investments and protecting your wealth.

noun a colloquial term for a postnuptial agreement, a legal contract made after a couple gets married outlining the division of assets in the event of divorce or death

• The couple decided to sign a post-nup agreement to protect their assets in case of a divorce.
• They finally got around to doing a post-nup after years of procrastination.
• I heard they're getting a post-nup because they don't trust each other.
• Signing a post-nup felt like putting a safety net under their marriage.

noun A person who appoints or has the power to appoint someone to a position or role

• The appointor has the authority to select a trustee for the trust.
• The appointor gets to choose who will be in charge of the trust.
• The appointor calls the shots when it comes to picking the trustee.
• Like a puppeteer, the appointor pulls the strings to determine the trustee of the trust.