Beneficiary: Any person named in a will, trust, insurance policy or other arrangement to receive money or property at the death of the owner or insured. Includes trusts and charitable institutions so named.
Bequest: A gift to an individual, the Church or charitable organization named in your will or trust.
Cash Value: Internal value of a whole life insurance policy based on net premiums paid and insurance company net investment earnings.
Charitable Lead Trust: An irrevocable trust that distributes income to the Church or charity for a period of years and, when the trust ends, distributes the remaining property to you or other named beneficiaries.
Charitable Remainder Trust: An irrevocable trust that distributes income to you or other named individual beneficiaries for life or a term of years and, when the trust ends, distributes the remaining property to the Church or charity.
Codicil: A document modifying and becoming an integral part of your existing will.
Contingent or Secondary Beneficiary: Person (or group of persons) named in an insurance policy, retirement plan or other arrangement that will receive the proceeds if the primary beneficiary is not living or in existence at the death of the owner or insured. Includes trusts and charitable institutions so named.
Estate: All the property you own or have an interest in, less the liabilities you owe.
Grantor (or Settlor): The individual who establishes a trust.
Intestacy: No valid will at death. Property in your name is distributed according to state law.
Personal Representative: A person named in your will who is responsible for administration of your estate. In some states the personal representative is called an executor.
Primary Beneficiary: First person (or group of persons) named in an insurance policy, retirement plan or other arrangement who will receive the proceeds at the death of the owner or insured. Includes trusts and charitable institutions so named.
Property: Includes all those things and property rights that you own. Real property includes land or anything attached to the land, such as a house or building. All other property is personal property: either tangible, such as automobiles, jewelry and business equipment; or intangible, such as cash, stock, bonds, insurance and retirement benefits.
Residual Beneficiary: Person (or group of persons) named in an insurance policy, retirement plan or other arrangement who will receive the remaining proceeds of a policy after the primary and/or secondary beneficiaries receive their share of the proceeds. Includes trusts and charitable institutions so named.
Survivorship (Joint Life or Second-to Die) Whole Life Insurance: Life insurance with premiums actuarially based on two lives; benefits paid upon death of the second of the two persons.
Term Life Insurance: Life insurance coverage for a specific term of years with no cash value accumulation.
Trust: An arrangement to give property to a person to administer and manage for the benefit of beneficiaries according to the terms in your will or trust agreement.
Trustee or Co-Trustee: The person or persons named in your trust agreement who administer and manage the trust property for the benefit of beneficiaries according to the terms of the trust agreement.
Universal Life Insurance: Life insurance with flexible premiums, coverage and cash value.
Whole Life (Permanent) Insurance: Life insurance with fixed premiums and related cash value growth.
Will: The legal and written declaration of your intention for the disposal of your estate after death.
