Michigan Probate Law Glossary
AB Trust - Created to assure that the personal estate tax exemption of each spouse is used correctly. The surviving spouse should have access to the assets of the departed spouse during the remainder of the surviving spouse's lifetime.
Assets - Items that are worth monetary value.
Basic Will - A will that will distribute all assets to the surviving spouse or to children over the age of 18.
Beneficiary - Someone named to receive assets or income from a trust; an individual who benefits from a will.
Codicil - A document which serves to adjust the original provisions of a previous will.
Decedent - Someone who has died.
Grantor - The individual placing property in a trust.
The Heir - Someone entitled by law to inherit all or part of an estate of an ancestor even if a valid will wasn't left.
Inheritance Tax - A tax levied by the county of residence of an individual who inherits an asset from a will.
Living Trust - A trust established during a grantor's lifetime.
Areas of Practice
