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Glossary

 
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Glossaries

Term Definition
partnership
A group of individuals or entities engaged in business together who share in profits and in risks of loss.
Pay on Death Account
A Totten Trust or account that automatically gives assets to another party upon death of the primary account holder.
pour-over will
Will that serves to complete the funding of a trust so that all assets are owned by the trust following death.
power of attorney
When a person (the "principal") authorizes someone else (the "agent" or "attorney in fact") to take care of business for the principal. A power of attorney authorizes the agent to do whatever is necessary to manage the principal's assets. A "limited" or "special" power of attorney can be made more restrictive, by setting time limits for the agent to serve, limiting the agent to certain actions, or authorizing the agent to manage only particular assets. There are "general" powers of attorney, "limited" or "special" powers of attorney, and "durable" powers of attorney. A general or limited power of attorney ends when the principal becomes incapacitated. A durable power of attorney stays in effect if the principal becomes incapacitated.
probate
The judicial process to determine if a will of a dead person (called the "decedent") is genuine or not; lawful distribution of a decedent's estate.
Probate Fees
Fees charged by the probate court (avoidable with a Revocable Trust Administration) to process the terms of a will or determine what to do following the passing of a person intestate.
producer price index
A rating comparing, time period over time period, wholesale prices of goods.
promissory note
A written document that says that a person promises to pay money to another.