Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

• Encumbrances: debt or liens against property. For example, when property is used as collateral for payment of a debt, such as a mortgage, the property is said to be encumbered. The mortgage is an encumbrance.
  
  
• End marriage: marriages may end in separation, Legal Separation, or divorce.
  
  
• Equity: value of property less all debt owed (encumbrances).
  
  
• Equitable distribution: the division of the marital assets acquired during a marriage, including marital debts according to what the court feels is fair under the circumstances.
  
  
• Escheat: property which goes to the state government because no one can lay legal claim to it.
  
  
• Estate: the total value (market price of your property minus anything you owe on it) of all the property you own at your death.
  
  
• Estate planning: planning how your property will pass to your intended recipients upon your death.
  
  
• Estate Taxes: taxes assessed on the property of a deceased person. Death taxes are called estate taxes for Federal tax purposes. Also referred to as Inheritance Taxes.
  
  
• Executor: person named in your will who will manage your estate, deal with the probate court and distribute your assets.