Greenville Estate Planning Attorneys

Common Estate Planning Terms

It's helpful to understand common estate planning terms as you begin to draft your estate plan. Terms you'll probably hear often include:

Decedent. A decedent is someone who has passed away. The owner of a will is typically called a "decedent" post-death.

• Grantor. A grantor is someone who creates a trust.
• Tangible assets. Tangible assets include property you can touch, such as real estate, cars, heirlooms, etc.
• Intangible assets. Intangible assets include property you cannot touch, such as a life insurance policy, bank account, etc.
• Trustee. The trustee is in charge of administrating a trust. Oftentimes, grantors name themselves as trustee and then name a successor trustee to take over the trust when they pass away. This enables the grantor to adjust the trust throughout their life, as long as it's a revocable living trust.
• Executor/personal representative. The executor is the person appointed by a decedent in their will to distribute their estate post-death. If the decedent fails to name an executor, the court will appoint one during probate (usually an heir of the decedent).
• Probate. When a decedent dies, their estate can be put through the probate process. During probate, the court works with the executor to ensure the decedent's estate is handled properly.
• Beneficiary. Beneficiaries are individuals named by a decedent to receive assets in a trust or will.

Our empathetic Greenville estate planning attorneys are here to look after your needs and answer any and all questions you have about the estate planning process. When you work with our estate planning lawyers, you can rest easy knowing your legacy is in good hands.

To schedule a consultation with a member of our team and get started on your estate plan, contact us online or via phone at (864) 713-9044 today.