Glossary

An estate planning tool that divides a married couple’s assets into two separate trusts upon the first spouse’s death, protecting assets from estate taxes.

A person appointed by the probate court to manage and distribute the estate of someone who dies without a will or without naming an executor.

A legal document that lays out what a person wants to happen with their healthcare decisions if they are incapacitated, particularly regarding life-threatening situations and end-of-life care.

A probate proceeding that occurs when a testator has property in another state. Ancillary probate occurs where the property is located and only concerns that property.

A contract typically with an insurance company or other like agency that guarantees a certain income for a person on a yearly basis until either a specific date or the person’s death whichever occurs first.

Any personal or real property that one owns, and that makes up the value of an estate (such as homes, cars, investments and or bank accounts).

A type of trust designed to shield a person’s assets from creditors, lawsuits, or Medicaid spend-down requirements.

Often referred to as a nursing home, these facilities provide assistance to those suffering from ill health (including memory issues such as Alzheimer’s or dementia) with on-site care and medical personnel.

A person authorized to act on behalf of another under a power of attorney.

A person or entity designated to receive assets or benefits from a trust, will, or insurance policy.

A gift of personal property made in a will, typically involving cash, jewelry, or other non-real estate assets.

A type of irrevocable trust that provides income to the donor or other beneficiaries for a specified period, after which the remaining assets go to a designated charity.

A legal document that amends, changes, or supplements a will without revoking the entire original will.

The non-institutionalized spouse of a nursing home resident, often involved in Medicaid planning strategies to protect assets for the healthy spouse.

A person appointed by a court to manage the assets of another who the court has deemed to be unable to care for themselves.

A court-appointed role where someone is given legal authority to manage another person’s financial affairs due to incapacity or disability.

A demand made by creditors against the estate of a deceased person for the payment of debts owed by the decedent.

A type of irrevocable trust that allows gift transfers to be eligible for the annual gift tax exclusion while still keeping the assets protected in a trust.

The person who died and left an estate.

An order signed by a doctor, after consultation with and consent from a patient, which instructs other medical staff to not perform CPR as said patient does not wish to be resuscitated. A DNR Order is an Advanced Directive.

A specialized area of law focusing on issues affecting older individuals, including long-term care planning, Medicaid, guardianship, and elder abuse.

The total of a person’s assets, including real estate, personal property, and financial accounts, minus liabilities, at the time of death.

The process of arranging for the management and distribution of a person’s estate during their lifetime and after death, often involving wills, trusts, and tax planning.

A tax on the transfer of property after death. Ohio does not currently impose a state estate tax, but federal estate tax rules may apply.

The individual or entity named in a will to manage the decedent’s estate, paying debts and distributing assets according to the will’s terms.

An estate planning tool where family members jointly own a business or other assets, often used to manage family wealth and minimize taxes.

A person or institution legally obligated to act in another’s best interest, often referring to executors, trustees, or agents under a power of attorney.

A legal document granting someone authority to make financial or legal decisions on behalf of the principal, even if the principal becomes incapacitated.

A trust designed to pass assets to grandchildren or younger generations, bypassing the children and potentially avoiding estate taxes.

The person who creates and funds a trust, transferring assets to the trustee to manage on behalf of the beneficiaries.

A legal relationship established by the court appointing someone to manage the personal and/or financial affairs of an incapacitated person or minor.

A legal document appointing someone to make medical decisions on your behalf if you become unable to do so.

An individual who is entitled to inherit from a deceased person under state intestacy laws, typically in the absence of a will.

A handwritten will that is not witnessed but signed by the testator, recognized in some states but not valid in Ohio.

Dying without a valid will. Ohio intestacy laws will determine how the decedent’s assets are distributed.

A trust designed to own a life insurance policy, keeping the death benefit out of the taxable estate while still providing liquidity for estate taxes.

A type of trust that cannot be modified, amended, or revoked after it is created without the consent of the beneficiaries.

A form of property ownership where two or more people hold title, and upon one owner’s death, the property automatically passes to the surviving owner(s).

A court order granting authority to an administrator to manage and distribute the estate of a person who died without a will.

A court document issued to an executor named in a will, authorizing them to administer the estate.

A trust established during the grantor’s lifetime that can be changed or revoked, allowing assets to avoid probate while providing management during life and after death.

A legal document expressing an individual’s wishes regarding life-sustaining treatment in case of terminal illness or permanent unconsciousness.

Insurance designed to cover the costs of long-term care services, including nursing home care, in-home care, and assisted living.

The process of preparing for future healthcare needs, including the costs of nursing home care or in-home care, often involving Medicaid planning.

A federal and state program that provides healthcare coverage for low-income individuals, including long-term care services for the elderly. Medicaid planning involves strategies to qualify for benefits while preserving assets.

The process of reducing a person’s assets to qualify for Medicaid benefits, often involving gifting, transfers, or trust planning.

An arrangement where a financial account automatically transfers to a designated beneficiary upon the account holder’s death, bypassing probate.

A method of distributing an estate where each branch of the family receives an equal share, typically ensuring that a deceased beneficiary’s descendants receive their share.

A will that directs any assets not previously transferred into a living trust to be transferred into the trust upon the testator’s death.

A legal document authorizing someone to act on another’s behalf, typically for financial or medical matters.

The legal process of administering a deceased person’s estate, including validating the will, paying debts, and distributing assets. Ohio has specific probate procedures and thresholds.

A type of trust that removes a primary residence or vacation home from the taxable estate, potentially reducing estate taxes while allowing continued use of the property.

The person or entity entitled to receive the remaining trust assets after the primary beneficiaries’ interests have been satisfied.

A trust designed to provide for a disabled person’s needs without jeopardizing their eligibility for government benefits like Medicaid or SSI.

A provision in a trust that protects the beneficiary’s inheritance from creditors and prevents them from prematurely accessing the funds.

A trust established in a will, becoming effective only upon the testator’s death.

A designation that allows assets like real estate or securities to automatically transfer to a named beneficiary upon death, avoiding probate.

The person or institution responsible for managing a trust according to its terms and in the best interest of the beneficiaries.

A legal document that outlines how a person’s assets should be distributed after death. It also can name guardians for minor children and an executor for the estate.