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Today's Terms
Will
Definition:
A written document that provides instructions for disposing of a person's property upon the person's death. A will generally also names an executor or personal representative to handle the estate.
Exemption Credit
Definition:
The amount of tax credit, similar in nature to the personal income tax exemption, applied to the transfer tax due at a person's death.
Fiduciary
Definition:
A person in whom one places great confidence in and upon whom one relies for his or her integrity, trust, and good faith. A fiduciary has the legal duty to act in the best interest and benefit of another and therefore is held to the very highest legal standards. A trustee is a fiduciary.
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