Glossary of Estate Planning & Elder Law Terms

Administrator: A person appointed by the court to manage and distribute the estate of a deceased person who died without a will (intestate).

Adult Protective Services (APS): A government agency that investigates reports of abuse, neglect, or exploitation of elderly and disabled adults.

Advance Directive: A legal document that outlines an individual’s preferences for end-of-life medical care, including the living will and healthcare proxy.

Assisted Living Facility: A residential community that provides housing, meals, and personal care services for elderly or disabled individuals who do not need full-time medical care.

Beneficiary: An individual or organization designated to receive assets or benefits from a will, trust, insurance policy, or other legal document.

Capacity: The legal ability of an individual to make decisions about their own affairs. This can be a key consideration in elder law when determining if a person can make legal, financial, or medical decisions.

Codicil: A legal document that modifies or adds to a previously executed will.

Conservatorship: A court-appointed role where a person (conservator) is given authority to manage the financial and/or personal affairs of another person (conservatee) who is unable to manage them themselves.

Durable Power of Attorney: A legal document that grants someone the authority to make financial or healthcare decisions on behalf of another person if they become incapacitated.

Elder Abuse: Any form of mistreatment that results in harm or loss to an older person. This can include physical, emotional, or financial abuse, as well as neglect.

Estate: All the assets and liabilities left by an individual at their death.

Estate Tax: A tax levied on the value of the estate of a deceased person before distribution to beneficiaries.

Executor: A person named in a will who is responsible for managing the estate, paying debts, and distributing assets to beneficiaries.

Geriatric Care Manager: A professional who assists elderly individuals and their families in managing care needs, including healthcare, living arrangements, and other services.

Gift Tax: A tax on transfers of property or money while the giver is still alive that exceeds a certain limit.

Guardian: A person appointed by a court to care for a minor child or an incapacitated adult.

Guardianship: A legal relationship in which a court appoints an individual (guardian) to make decisions on behalf of another person (ward) who is unable to make those decisions due to incapacity.

Health Care Proxy: A legal document that appoints someone to make medical decisions on behalf of an individual if they are unable to do so.

Heir: A person legally entitled to inherit a portion of an estate if there is no will.

Intestate: Dying without a legal will. When this occurs, state laws determine how the deceased’s assets are distributed.

Irrevocable Trust: A trust that cannot be altered, changed, or revoked after its creation without the consent of the beneficiaries.

Joint Tenancy: A form of property ownership where two or more individuals hold property jointly, with the right of survivorship.

Living Trust: A trust created during an individual’s lifetime that can be used to manage assets and avoid probate.

Living Will: A legal document in which an individual outlines their wishes regarding medical treatment if they become unable to communicate their decisions.

Long-Term Care Insurance: An insurance policy designed to cover the costs of long-term care services, such as in-home care, nursing home care, or assisted living.

Marital Deduction: A provision in tax law allowing a person to transfer an unlimited amount of assets to their spouse at any time, including death, without incurring estate or gift tax.

Medicaid: A joint federal and state program that helps with medical costs for some people with limited income and resources. It also offers benefits not normally covered by Medicare, like nursing home care and personal care services.

Medicaid Spend-Down: A process by which an individual must use up their excess income or assets to qualify for Medicaid. This often involves spending money on medical expenses or transferring assets according to Medicaid rules.

Medicare: A federal health insurance program primarily for people aged 65 and older, but also for some younger people with disabilities.

Nursing Home: A facility that provides residential care for elderly or disabled people who need continuous medical care and assistance with daily activities.

Pour-Over Will: A will that ensures any assets not already included in a living trust are transferred to the trust upon the individual’s death.

Power of Attorney: A legal document that grants someone the authority to act on behalf of another in legal or financial matters.

Power of Attorney for Healthcare: A legal document that appoints someone to make healthcare decisions on behalf of an individual if they become unable to do so themselves.

Probate: The legal process through which a deceased person’s estate is managed and distributed under the supervision of a court.

Respite Care: Temporary care provided to an elderly or disabled person to give the regular caregiver a break.

Revocable Trust: A trust that can be modified or revoked by the grantor during their lifetime.

Reverse Mortgage: A type of home loan that allows homeowners aged 62 and older to convert part of the equity in their homes into cash. The loan is repaid when the homeowner sells the home, moves out permanently, or passes away.

Senior Medicare Patrol (SMP): A program that educates Medicare beneficiaries on how to protect themselves from healthcare fraud and abuse.

Social Security: A federal program that provides retirement, disability, and survivor benefits to eligible individuals. It’s often a significant part of income for elderly Americans.

Special Needs Trust: A trust designed to benefit an individual with disabilities, ensuring that their financial needs are met without disqualifying them from government benefits like Medicaid or Supplemental Security Income (SSI).

Supplemental Security Income (SSI): A federal income supplement program designed to help aged, blind, and disabled people who have little or no income. It provides cash to meet basic needs for food, clothing, and shelter.

Testamentary Trust: A trust created by a will that only takes effect after the death of the individual.

Trustee: A person or institution appointed to manage and administer the assets held in a trust according to the terms of the trust document.

Veterans Aid and Attendance Benefits: A benefit paid in addition to a veteran’s basic pension to help cover the costs of long-term care for veterans and their spouses who meet certain criteria.

Will: A legal document in which a person specifies how their assets are to be distributed after their death and who will manage the estate.