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

• Incidents of ownership: any ownership or control over a life insurance policy.
  
  
• Individual retirement programs: Individual retirement programs allow you to name beneficiaries to receive any money left in the account at the time of your death. Therefore, the money goes directly to your beneficiaries and is not subject to probate.
  
  
• Inherit: to receive property from someone who has died.
  
  
• Inheritance tax*: a tax on a decedent's net estate that is levied after the estate is transmitted to the inheritors. Estate Taxes – federal taxes assessed on the property of a deceased person. Death or inheritance taxes are called estate taxes for Federal tax purposes.
  
  
• Inheritors: people or legal entities who inherit property.
  
  
• Instrument: document, document which creates a trust
  
  
• Inter Vivos Trust: living trust
  
  
• Intestate: dying without a will or other estate plan in place.
  
  
• Intestate succession: state law which dictates how your estate is distributed in the event you die without a will or other estate plan in place.
  
  
• Irrevocable trust: trust which cannot be revoked, voided, or amended in any way once it is set up.
  
  
• Issue: legal term referring to one’s children or direct descendents.