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Master essential estate planning terminology with clear definitions of trusts, wills, probate, and key legal concepts. Build confidence in your planning deci...
You'll want to understand core terms like grantor (trust creator), trustee (trust manager), beneficiary (asset recipient), and executor (will administrator). Key concepts include revocable vs irrevocable trusts, probate process, and powers of attorney. Most people can grasp these fundamentals quickly, but complex family situations or assets over $15,000,00026 USC 2001(c), 2010; P.L. 119-21 §70106Verified Jan 2, 2026 may require deeper knowledge of tax-related terms and strategies.
