- Backstop bequest
- A charitable gift in a will that applies only if none of the people named in the will survive. It sends the estate to chosen causes instead of to relatives the will doesn't name or, when there are none, to the state. Learn more
- Beneficiary
- A person or organization that receives property under a will, trust, insurance policy or account designation.
- Beneficiary designation
- A form filed with an account provider that names who receives an account, such as an IRA, 401(k) or life insurance policy, at your death. It overrides your will for that account. Learn more
- Bequest
- A gift made through a will or trust. Also called a legacy gift. Learn more
- Cause Fund
- A charitable gift dedicated to one cause area rather than one charity. The cause stays fixed, while the specific organizations are chosen when the gift arrives, guided by research.
- Charitable remainder trust
- A trust that pays income to you or your loved ones for life or for up to 20 years, then gives what remains to charity. Learn more
- Codicil
- A written amendment to a will. It must be signed with the same formalities as the will itself.
- Contingent beneficiary
- A backup beneficiary who inherits only if the primary beneficiary does not survive you.
- Cy-près
- A legal doctrine that lets a court redirect a charitable gift to the closest similar purpose when the original purpose becomes impossible or impractical.
- Donor-advised fund
- A charitable giving account held by a sponsoring charity. The donor, and later the people the donor names as successors, recommend grants from it to other charities. Learn more
- Escheat
- The transfer of property to the state when its owner dies without a will and no legal heirs can be found. Learn more
- Estate
- Everything you own at death, including your home, bank and investment accounts, retirement accounts, life insurance and belongings, minus what you owe. Only part of it passes under a will: accounts with a named beneficiary, jointly owned property and trust assets pass outside it.
- Estate tax
- A tax on transferring a large estate at death. In 2026 the federal estate tax applies only to estates worth more than $15 million per person; some states tax much smaller estates. Learn more
- Executor
- The person you name in your will to carry out its instructions: paying debts, filing paperwork and distributing your property. Many states call this role a personal representative.
- Guardian
- The person you name to raise your minor children if you die before they reach adulthood.
- Holographic will
- A will written entirely or mostly in your own handwriting and signed by you. Only some states accept one without witnesses. Learn more
- Inheritance tax
- A tax paid by people who inherit, often based on their relationship to the person who died. Only a few states have one, and spouses are generally exempt. Learn more
- Intestate
- Dying without a valid will. State intestacy laws then decide who inherits, usually a spouse, children, parents or other relatives. Learn more
- Letter of wishes
- A non-binding letter that explains the hopes behind your gifts, written for your executor, family or fund advisors.
- Per stirpes
- Latin for "by the branch." If a beneficiary dies before you, that person's share passes to their own descendants.
- Private foundation
- A charity, usually funded by one person or family, that makes grants. It must generally pay out at least 5% of its assets each year and file an annual return with the IRS. Learn more
- Probate
- The court-supervised process of proving a will, paying debts and distributing an estate.
- Qualified charitable distribution
- A direct transfer from an IRA to a charity by someone age 70½ or older. It counts toward required minimum distributions and isn't taxed as income. Learn more
- Residuary estate
- Everything left in an estate after debts, expenses and specific gifts are paid. Charitable gifts are often written as a percentage of the residuary estate so they grow or shrink with it. Learn more
- Self-proving affidavit
- A sworn statement signed by you and your witnesses in front of a notary. It lets a court accept your will without contacting the witnesses. Learn more
- Specific bequest
- A gift of a particular item or dollar amount, such as $10,000 or a family heirloom.
- Step-up in basis
- The reset of an inherited asset's tax basis to its value at the owner's death, which can erase capital gains tax for heirs. Traditional retirement accounts don't get a step-up. Learn more
- Successor advisor
- The person who takes over recommending grants from a donor-advised fund after the original donor dies.
- Testator
- The person who makes a will.
- Transfer on death
- A designation on a bank, brokerage or, in many states, real estate account that passes the asset directly to a named beneficiary without probate. On bank accounts it is often called payable on death.
- Trust
- A legal arrangement in which a trustee holds property for the benefit of others, following instructions you set.
- Witness
- An adult who watches you sign your will and then signs it too. Most states require two, and they should not be beneficiaries. Learn more
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