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Estate Planning Legal Glossary  

Glossary of Personal Injury Law Terms

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z #

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AB Trust: A revocable trust designed to assure that the personal estate tax exemption of each spouse is used to maximum advantage.

Administrator: A person appointed by the Probate Court to handle the affairs of the deceased's estate. An administrator is appointed when the deceased did not leave a will appointing an executor.

Annual exclusion: The amount a person may gift each year without the need to pay a gift or estate tax.

Assets: Items of value. Assets may be in the form of real property, personal property, or financial assets.

Attorney-in-Fact: An individual designated in a power of attorney document, appointed to act as the agent of the person who has executed the power of attorney.