Estate Planning terms H-I

Heir: A person who, by law, inherits an ancestor’s estate if there is no valid will left.

Holographic Will: A written will in the testator's handwriting.

Incapacity: The inability to act on one’s own behalf.

Incidents of Ownership: Variety of rights and powers that insured decedents have over a life insurance policy. Possession of one or more of these rights or powers within three years of death makes the policy proceeds a part of the insured's gross estate.

Income Beneficiary: Beneficiary entitled to receive income from a trust.

Income in Respect of a Decedent (IRD): Income earned by a decedent, but was not properly includible in his or her gross income before death.

Individual Retirement Account (IRA): An individual tax-deferred retirement account that can be established by those with earned income. Earnings accumulate tax-deferred until they are withdrawn at the age of 59 ½ or later. There is a 10% penalty for early withdrawal. Usually allows a beneficiary to be designated and pass outside of probate.

Installment Sale: A sale where taxable gain is recognized as the payment is received.

Insurance: The pooling of unexpected losses by transferring the risks to insurers who agree to cover the insured for their losses and to provide other benefits when these unexpected occurrences take place.

Insurance Trust: An irrevocable trust used to prevent insurance policies from being included in the insured's estate.

Intangible Property: Property that is not concrete and represents real value such as bonds, stocks, promissory notes, certificates of deposit, bank accounts, contracts, and leases.

Inter vivos Trust: Type of trust created during the grantor's lifetime.
Intergenerational Succession: Property ownership succession where property is transferred from one generation to another.

Intestate: A person who dies without a valid will.

Intestate Succession: The distribution of property to a decedent’s heirs based on state laws when the decedent does not leave a valid will.

Irrevocable Beneficiary: Beneficiary designation where no changes can be made without the beneficiary's consent.

Irrevocable Trust: A trust that cannot be altered or terminated.
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