The process of managing and distributing the assets of a Decedent in Texas. It's the most formal probate method in Texas.

A person appointed by the court to manage the Decedent’s property and debts. The administrator is responsible for distributing the remaining assets to the heirs. A person appointed by the Court to manage a estate when he or she dies without a Will

A person who is appointed to manage the financial or medical affairs of another person via a power of attorney.

The amount of money an individual can give away each year without filing a gift tax return with the IRS. In 2025 the Exclusion is $19,000.00 and is adjusted by the IRS each year for inflation.

Anything of value. Examples of assets include money, Real Property, mineral rights, jewelry, financial accounts, and Personal Property.

A person or entity who receives property from a Will or Trust. This can be a person, organization, charity, trust, or institution.

A gift of property made in a Will or Trust

An insurance policy that ensures a Fiduciary will perform their duties properly. Most Wills waive the requirement that an Executor, Trustee or Guardian has to post a bond in order to serve.

An individual’s mindset and their ability to reason and make decisions themselves.

A supplement or amendment to a Will.

When two or more individuals are appointed to serve as Executor or Trustee together.

A person who has died.

A process where the Decedent’s estate goes through Administration with Court supervision and all decisions, such as the sale of assets or distributions to heirs, must be approved by a court.

A mental or physical condition that makes it difficult for a person to do certain activities.

A federal tax that is incurred when transferring property that exceeds a certain amount at death. This is a tax charged to the estate during Administration if the value of the estate is higher than the current exemption. For the year 2025, the exemption is $13,990,000. A married couple could currently exclude $27,980,000 from estate taxes on the last of them to die.

A person named in a Will who carries out the wishes and instructions of a Decedent.

A person, bank or company who has a legal duty to manage money or Assets for another person and act for the benefit of that person’s property.

A tax on transfers of property when the amount of the transfer exceeds the Annual Exclusion amount. However, an individual doesn’t actually pay gift tax unless the total gifts during their life exceeds the estate tax exemption amount.

The person who creates or contributes property to a Trust. This word may be used interchangeably with a Trustor and Settlor.

A Trust that is created and managed during the Grantor's lifetime. This is often referred to as a Living Trust. An Grantor Trust can be a Revocable Trust or an Irrevocable Trust.

A person appointed by a court to make personal and/or financial decisions for another person, called the ward.

The legal arrangement where a court appoints someone to make decisions for another person.

A tax on property inherited by an Heir. While Texas does not have a State Inheritance Tax, property you inherit from a Decedent who lives in another state could be subject to such a tax.

A process where an Administrator of a Decedent's estate goes through Administration without Court supervision.

A written document that contains a list of the assets and liabilities in a Decedent's or a Ward’s estate.

A type of Trust that cannot be changed or revoked by the Grantor.

A type of ownership that allows property to transfer automatically to the surviving co-owner.

A type of medical treatment that keeps an individual alive. Examples include ventilators, dialysis, and IV tubes.

A document that states if you want to remain on Life Sustaining Treatment.

A clause in a Will which states if an individual contests the Will, that contesting individual will be disinherited.

An asset that is not subject to estate administration. Non-probate assets include life insurance policies, retirement accounts, pensions, joint tenancy with right or survivorship account, and payable-on-death accounts.

Property that a person owns. Examples of personal property include clothing, jewelry, furniture, furnishings, art, collectibles, vehicles, intellectual property, and pets. Personal Property does not include Real Property.

The person or company who is appointed by the Court to manage an individual's estate when someone dies; in Texas, that person is usually know as the Executor or Administrator of the Estate.

An individual who signs a legal document designating an Agent to act on their behalf.

The legal process which an Executor prepares an Inventory of a Decedent’s estate, pays off liabilities, and then distributes property to the rightful Beneficiaries.

Property such as land, homes, buildings, uncut lumber and mineral rights.

Everything that is left in an estate after payment of funeral expenses, fees, taxes, debts, and distribution of Specific Bequests. The residue of an estate can include Real Property and/or Personal Property.

A type of Trust that can be changed or revoked during a Grantor’s lifetime. The Grantor may serve as Trustee of the trust.

Property that was incurred during a marriage by Gift, Inheritance, personal injury settlement or property owned prior to marriage.

A type of trust that holds property for a disabled Beneficiary and also directs distributions to the Beneficiary to prevent eligibility for public benefits.

A Gift that is specifically made in a Will.

An individual who survives the Decedent.

A type of property ownership where each owner owns an undivided interest in the real property. If there are two owners, each individual owns an undivided one-half interest in the real property. If there are four owners, each individual owns an undivided twenty-five percent interest in the real property.

A condition that a person is expected to die from within six months, even with available Life-Sustaining Treatment.

A type of Trust that is created in a Will. This Trust is only created when a Testator or Testatrix dies and has a Will specifically creating a trust for a beneficiary or beneficiaries.

A person who makes a Will.

A legal arrangement where assets are held and managed for the benefit of a Grantor or a Beneficiary.

A person or entity who is responsible for managing assets held by a Trust as a Fiduciary.

A law that allows a parent to name an adult who can manage property for a minor child until they reach the age of eighteen. In Texas, funds can be held in a custodial account until a person reaches the age of 21.

A person who has a legal guardian appointed for them by a court.