SilverLeaf 365 Glossary
Terms and definitions associated with the following life events:
Aging In Place
Senior Moving
Loss of a Loved One
Advance Directives - Advance directives are written instructions regarding an individual's medical care preferences. The forms vary from state to state, but in general, advance directives can include a Living Will, Health Care Power of Attorney or Health Care Proxy, and Do Not Resuscitate or Do Not Intubate Order (DNR or DNI). You do not necessarily need a lawyer to create these.
Aftercare – a system or service that helps funeral homes and cemeteries build loyalty by staying in touch with families after the services are over.
Chattel - an item of tangible movable or immovable property except real estate and things (as buildings) connected with real property: personal property
Do Not Resuscitate Order (DNR) - A do-not-resuscitate order, or DNR order, is a medical order written by a doctor. It instructs health care providers not to do cardiopulmonary resuscitation (CPR) if a patient's breathing stops or if the patient's heart stops beating.
Do Not Intubate Order (DNI) – while a DNR means that no CPR (chest compressions, cardiac drugs, or placement of a breathing tube) will be performed. A DNI or “Do Not Intubate” order means that chest compressions and cardiac drugs may be used, but no breathing tube will be placed.
Durable Power of Attorney (DPOA) - DPOA is a document that grants a person or persons ("Attorney-in-fact") the legal powers to perform on behalf of the elder ("Grantor") certain acts and functions specifically outlined in the document. This power is effective immediately and continues even if the grantor becomes disabled or incompetent. The powers usually granted include real estate, banking and financial transactions, personal and family maintenance, government benefits, estate trust and beneficiary transactions.
Many people believe that, as the Attorney-in-fact, they continue to have the power to administer an estate following the death of a loved one. This simply is not the case. A durable power of attorney is no longer valid after death. The only person permitted to act on behalf of an estate following a death is the personal representative or executor appointed by the court.
Estate - An estate is the net worth of a person at any point in time alive or dead. It is the sum of a person's assets – legal rights, interests and entitlements to property of any kind – less all liabilities at that time.
Another way to say this is the estate includes everything the deceased person owned (assets) and owed (obligations) at the end of their life. All of those assets and obligations must be distributed and settled based on either the person’s wishes, if they had a will, or based on state law.
Executor – also called a Personal Representative, is appointed by a probate judge to oversee the administration of a probate estate and can be a person, an institution, such as a bank or trust company, or a combination of both. If the decedent had a Last Will and Testament, then in most cases the probate judge will appoint the Personal Representative named in the Last Will. If the decedent didn't have a Last Will, then state law will dictate who the probate judge should appoint to serve as the Personal Representative, but the probate judge will make the final decision based on what the judge thinks is in the best interest of the estate's beneficiaries.
Final expense policies - A final expense policy is purchased from a life insurance company, and the beneficiary can be anyone of your choosing. The policies have death benefits that generally range from about $10,000-$25,000, and the money can be used for anything, including funeral costs, transportation of family members, or any unpaid medical expenses.
Guaranteed services and non-guaranteed services - For example, if a guaranteed service costs $2,000 now, but the cost rises to $3,000 by the time you die, your family does not have to make up the difference. The cost of guaranteed services will always be covered by the funeral home regardless of how much your plan is worth. If a service is not guaranteed, your family may be responsible for the difference in cost.
Health Care Power of Attorney or Health Care Proxy - is a document that gives an agent the authority to make healthcare decisions for you if you are unable to communicate such decisions.
Immovable Property – see Real Property
Inventory – A list of everything the deceased owns to be filed with the Probate court.
Intestate - If you die without a will, it means you have died “intestate.” When this happens, the intestacy laws of the state where you reside will determine how your property is distributed upon your death. This includes any bank accounts, securities, real estate, and other assets you own at the time of death.
Inter Vivos – see Living Trust
Living Will - a written statement detailing a person's desires regarding their medical treatment in circumstances in which they are no longer able to express informed consent, especially an advance directive.
Living Trust - is a written legal document through which your assets are placed into a trust for your benefit during your lifetime and then transferred to designated beneficiaries at your death by your chosen representative, called a "successor trustee."
Power of Attorney – A power of attorney is a document you can use to appoint someone to make decisions on your behalf. The person you designate is called an "attorney-in-fact." The appointment can be effective immediately or can become effective only if you are unable to make decisions on your own. A regular power of attorney ends when its purpose is fulfilled or at your incapacity or death.
Many people believe that, as the power of attorney, they continue to have the power to administer an estate following the death of a loved one. This simply is not the case. A power of attorney is no longer valid after death. The only person permitted to act on behalf of an estate following a death is the personal representative or executor appointed by the court.
Personal Property - property other than real property consisting of things temporary or movable : chattels
Personal Property Memorandum - a written statement, referenced in a last will and testament that is used to dispose of items of tangible personal property that are not specifically disposed of by the will.
Personal Representative- see Executor
Pre-need plans - A pre-need plan is purchased from a specific funeral home. To set it up, you choose the funeral home you want to work with and specify the arrangements you desire. The funeral home prices it out and you pay the cost ahead of time (either all at once or over time).
Probate - the official proving of a will.
Real Property - property consisting of land, buildings, crops, or other resources still attached to or within the land or improvements or fixtures permanently attached to the land or a structure on it; also : an interest, benefit, right, or privilege in such property —called also immovable property
Revocable Trust – see Living Trust
Successor Trustee - The person who assumes control of the trust after the initial trustee dies or becomes unable to continue with his or her responsibilities. Once the successor trustee has assumed control, he or she is responsible to ensure that your property is distributed to your beneficiaries according to the trust terms.
Testamentary trust - A testamentary trust is a type of trust that does not go into effect until the grantor (the person who made the trust) dies. Usually this type of trust is made within a will – often to create a trust for minors.
Trustee - an individual person or member of a board given control or powers of administration of property in trust with a legal obligation to administer it solely for the purposes specified.
Will - Sometimes called a “last will and testament,” is a document that states your final wishes. It is read by a county court after your death, and the court makes sure that your final wishes are carried out.