You have probably heard the term “estate planning” but are unsure exactly what it means and includes. If you have begun to research, you have likely seen a lot of unfamiliar legal terms. Before developing an estate plan, you need to understand what it is, how it can benefit you and your beneficiaries, and what the terms mean. Working with a knowledgeable Barrington, IL estate planning attorney can provide the answers and assistance you need.
Legal Terms Used in Estate Planning
You cannot make informed decisions if you do not grasp what these legal terms mean:
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Administrator: A court-appointed person who manages an estate after its owner dies, whether without a will or if the named executor cannot fulfill her duties.
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Assets: Anything a person owns, including personal possessions, financial accounts, investments, and real estate.