Estate Planning terms P

Partition: The judicial separation of joint owners’ respective interests in property so that each may possess, enjoy, and control his or her share.

Per Stirpes: A method of distributing an estate where surviving descendants will only receive what their immediate ancestor would have received if he or she had been alive at the time of death. Definitions in state law may vary.

Personal Representative: An executor, administrator, or anyone else in charge of a decedent's property.

Pour Over Will: A will used to transfer any property in a person’s estate after death into a trust.

Power of Appointment: A right granted to another through a written instrument permitting him or her to decide how to distribute the grantor’s property. A general power of appointment places no restrictions on who the distributees may be. A "limited" or "special" power of appointment limits the possible distributees.

Power of Attorney: A written legal document giving a person authority to act for another. A general power of attorney allows the agent to act for the principal in all matters. Special powers of attorney limit the agent’s ability to act to certain specified matters. A durable power of attorney allows the agent to act for the principal even he becomes incapacitated.

Primary Beneficiary: The first beneficiary entitled to receive proceeds from an insurance policy upon the insured’s death.

Probate: Court procedure for settling the affairs of a decedent by proving the validity of a will, establishing the transfer of property, or appointing an administrator, and supervising transfer of property to heirs if there is no valid will.
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