Glossary of Terms - Cleveland's Home for Torah, Kabbalah, Chassidus and Judaism
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Annuity
A fixed sum payable at specified intervals.
Appreciated Property
A property that has increased in value.
Beneficiary
The person who receives the benefits of a trust, or the recipient of the proceeds of a life insurance policy.
Bequest
In wills and estates, the gift part of the estate to a beneficiary.
Charitable Gift Annuity
Transfers cash or property to a charity in exchange for a partial tax deduction and a lifetime stream of annual income from the charity.
Charitable Trust
An irrevocable trust established for charitable purposes.
Estate Tax
A tax imposed on a decedent's property, assessed on the gross estate prior to distribution to the heirs.
Executor (or Personal Representative)
A person named in a decedent's will to carry out the provisions of that will.
Guardian
A person entrusted by law with the care of person, property, or both.
Life Insurance Trust
A trust that has an individual's life insurance policy as its principal asset. It's usually set up for the purpose of life excluding the proceeds of life insurance from the insured's estate.
Power of Attorney
A written document given by one person or party to another, authorizing the latter to act for the former.
Retained Life Estate
A person can transfer the title to his or her property to someone else and reserve a life estate. That means they no longer own the property but have the right to use and occupy the property for the duration of their natural life. When they die, the life estate is extinguished and the property is owned free and clear by the title owners. The need for probate has thus been avoided.
Testamentary Trust
A trust created by a will, which is scheduled to occur after the maker's death.
Trust
A fiduciary relationship calling for a trustee to hold the title to assets for the benefit of the beneficiary. The person creating the trust, who may or may not also be the beneficiary, is called the grantor.
Trustee
Any individual or company who manages assets on behalf of another.
Will
A document stating how and to whom a person wants his/her property transferred after death.

Rabbi Leibel Alevsky
Chabad House of Greater Cleveland
2479 S Green Road
Cleveland, OH, 44122
216-381-1770
yla22@sbcglobal.net