Estate Basics
The process of deciding how your money, property, and belongings will be managed or passed on after you die or if you can’t manage them yourself.
Estate Planning
A legal document that says who gets your stuff and who handles things after you die.
Will
Someone who guides you on money management, often less formal than a CFP.
Financial Coach
A person who buys and sells stocks and other investments for you.
Stock Broker
A trust you set up during your life that you can change or cancel. It manages your assets and avoids probate after you die.
RLT (Revocable Living Trust)
Creating a plan for your money—saving, investing, and preparing for the future, including estate planning.
Financial Planning
Instructions you write down about your medical care wishes if you can’t speak for yourself (e.g., life support decisions).
Advanced Healthcare Directive
A financial advisor who charges a flat fee for advice, not commissions from selling products.
Fee-Only Advisor
A company that buys and sells investments (like stocks) for clients, sometimes part of financial planning.
Broker Dealer
A trust created in your will that starts after you die to manage assets for beneficiaries.
Testamentary Trust
The person or entity who gets something from your will, trust, or accounts after you die
Beneficiary
A document that spells out your healthcare wishes (like an Advanced Healthcare Directive) if you’re incapacitated.
Living Will
A professional who’s trained and certified to help you with financial planning, including estate planning.
CFP (Certified Financial Planner)
An individual who works for an RIA and gives investment advice.
IAR (Investment Advisor Representative)
A trust that owns your life insurance policy, keeping the payout out of your taxable estate.
ILIT (Irrevocable Life Insurance Trust)
The person named in your will to carry out your wishes and manage your estate after you die.
Executor
A document that lets someone you trust make decisions for you (like financial or legal ones) if you can’t.
Power of Attorney (POA)
A person or firm legally required to act in your best interest (e.g., a trusted advisor).
Fiduciary
A retirement account (like a 401(k) or IRA) with tax benefits but strict rules.
Qualified Account
Manages assets during and after your life.
Living Trust
The court process that validates your will and distributes your estate after you die.
Probate
A specific document that gives someone authority over your financial decisions if you can’t manage them.
Financial Power of Attorney
A lawyer who specializes in creating wills, trusts, and other estate planning documents.
Estate Planning Attorney
A firm or person registered to give investment advice, often involved in estate and financial planning.
RIA (Registered Investment Advisor)
A tax on the value of your estate when you die, paid before it is passed to heirs (only applies to large estates).
Estate Tax