Some key terms and concepts:
People
- 
      
      
      
        
        Attorney in factThe person named to act for you with respect to your financial matters. 
- 
      
      
      
        
        Health care agentThe person who speaks for you about your health when you aren’t able to communicate. 
- 
      
      
      
        
  
        TrusteeThe person responsible for managing the trust assets. Often when it’s your trust, you are the trustee and the beneficiary. 
- 
      
      
      
        
        Successor TrusteeThe next person responsible for managing the assets in a trust. 
- 
      
      
      
        
  
        Personal RepresentativeThe person or people named to administer your estate after you die. Aka executor, executrix 
- 
      
      
      
        
  
        BeneficiariesThe people you name to receive your property after you die. 
- 
      
      
      
        
  
        HeirsThe people who would inherit your property if you don’t leave instructions. 
- 
      
      
      
        
        FiduciaryA general term for someone responsible for the assets of another, and includes the requirement to act in good faith. 
Documents
- 
      
      
      
        
        Power of AttorneyNames someone to act for you with respect to your financial matters. 
- 
      
      
      
        
        Health Care DirectiveNames someone to speak for you when you aren’t able to express your wishes about your health care. 
- 
      
      
      
        
        Digital Asset AuthorizationGives someone else authority to manage your (social media, email, music, shopping, etc. accounts) digital assets. 
- 
      
      
      
        
        TrustDescribes how to manage the property it controls and nominates the people to do so. 
- 
      
      
      
        
  
        WillDescribes what you want to happen to your property, and nominates people to carry out your wishes after you die. Nominates guardians for your minor children. 
Process
- 
      
      
      
        
  
        ProbateThe legal process of settling an estate in court after someone has died. 
- 
      
      
      
        
        $75,001 or Real EstateIf an estate is worth more than $75,000 or includes real estate, then a probate might be necessary in MN. 
- 
      
      
      
        
        Estate PlanningMaking the decisions and completing the documents to make sure your assets are distributed according to your wishes. 
Assets
- 
      
      
      
        
  
        Real estatehomes, cabins, camps, condos, farmland, acreage, etc. 
- 
      
      
      
        
        Money, +Bank, investment, savings, retirement, and other kinds of financial accounts, stocks, bonds, annuities, ownership interests in businesses, life insurance, etc. 
- 
      
      
      
        
        Tangible personal propertyyour possessions: furniture, artwork, jewelry, clothing, guns, collections, cars, boats, etc. 
- 
      
      
      
        
        Digital assetsemail, shopping, social media accounts, access to bank accounts, photos, music, websites, etc. 

