Losing a Loved One
Glossary of Terms

Occurs when parties other than the original customer voluntarily assume responsibility for remaining loan or lease payments.

A court-issued document that verifies the residential address at the time of death. Also called an “affidavit of residence,” it is used to transfer property or stock to a new owner.

A person who is named in a will or on a bank account to receive money or property from a person who has died. (Example: named in an informal trust as In Trust For (ITF) or named as a Payable on Death (POD) beneficiary).

A copy of the death certificate with a certified marking that states it is a true and certified copy. They typically have a raised seal, ink or multicolored signature, or watermark printed on security paper

The deceased person

A written instrument that conveys some interest in a property.

The assets and liabilities left by a deceased person.

The person or entity named by a will and/or court to manage the estate of a deceased person. 

A person who has been made responsible for managing the assets or rights of another person. They may also be referred to as an executor, administrator, or trustee.

An account where all owners have an equal right to the account’s assets. When one party dies, the survivor owns all remaining assets in the account.

A document written by an owner, successor, or court-appointed estate representative that provides specific instructions on the distribution of remaining account balances, and how to handle those accounts after disbursement. Investment accounts may alternatively include a “Letter of Authorization to Transfer Funds or Securities.”

Court-issued documents that name a representative to manage an estate’s assets and liabilities, per the will’s designation or state law. (Also known as Letters of Personal Representative, Fiduciary Letters, or Certified Executor Documents).

A written promise for one party to pay another party.

A beneficiary designated by the account owner. Upon proof of the owner’s death, the POD will receive any money left in the account. These accounts may also be referred to as “In Trust For (ITF) accounts.”

A person who may be interested in owning a property but has not yet provided the documentation to be confirmed.

The authority to act for another person in legal or financial matters.

When a will is reviewed by a court to determine its validity or authenticity, alongside the court-appointed representative, executor or administrator. Probate can also refer to the estate’s administration.

A document that can be used to claim or disburse money from smaller estates when state law does not require formal probate.

Someone who has received property ownership rights through the operation of law, death of a borrower, spouse, or parent, divorce or separation, or an inter vivos (living) trust.

A trustee who succeeds a prior trustee when they are unable or unwilling to continue.

An account where each party owns a separate and distinct share of property. Unlike joint tenancy, these shares can be freely transferred to other owners, and there is no right of survivorship among owners.

Allows the owner of a non-retirement investment account to name beneficiaries without going to probate.

A legal arrangement involving a grantor, a trustee, and beneficiary for an established estate.

A trustee is the person or entity named to administer a trust for a beneficiary according to the terms established by the trust grantor/settlor.

The umbrella acts under which custodial accounts for minors are set up. The custodian of the account should transfer control of the assets to a minor when he or she reaches the age specified by statute (usually between the ages of 18 and 21).

A will is a legal document by which a person directs an estate to be distributed upon death.