Incapacitated/Incompetent - Unable to manage one’s own affairs, either
temporarily or permanently. Lack of legal power.
Independent Administration - A form of probate available in many states.
Intended to simplify the probate process by requiring fewer court
appearances and less court supervision.
Inheritance - The assets received from someone who has died.
Inter vivos - Latin term that means "between the living." An inter vivos Trust
is created while you are living instead of after you die. A Revocable Living
Trust is an inter vivos Trust.
Irrevocable Trust - A Trust that cannot be changed (revoked) or cancelled
once it is set up. Opposite of Revocable Trust.
Intestate - Without a Will.
Joint Ownership - When two or more persons own the same asset.
Joint Tenants with Right of Survivorship - A form of joint ownership in
which the deceased owner’s share automatically and immediately transfers
to the surviving joint tenant(s).
ESTATE PLANNING
Glossary of Terms
