Whitman Wills & Probate Lawyer, Massachusetts

A person who makes investments. An investor may act either for herself or on behalf of others. A stock broker or mutual fund manager, for instance, makes investments for others who have entrusted her with their money.

The document given to an executor by the probate court, authorizing the executor to settle the estate according to either a will or the state's intestate succession laws.

Taxes some states impose on people or organizations who inherit property from a deceased person's estate. The taxes are based on the value of the inherited property.

A trust you can set up during your life. Living trusts are an excellent way to avoid the cost and hassle of probate because the property you transfer into the trust during your life passes directly to the trust beneficiaries after you die, without court involvement. The successor trustee--the person you appoint to handle the trust after your death--simply transfers ownership to the beneficiaries you named in the trust. Living trusts are also called 'inter vivos trusts.'

All of the property you own when you file for bankruptcy, except for most pensions and educational trusts. The trustee technically takes control of your bankruptcy estate for the duration of your case.

A trust that allows couples to reduce or avoid estate taxes. Each spouse puts his or her property in an AB trust. When the first spouse dies, his or her half of the property goes to the beneficiaries named in the trust -- commonly, the grown children of the couple -- with the crucial condition that the surviving spouse has the right to use the property for life and is entitled to any income it generates. The surviving spouse may even be allowed to spend principal in certain circumstances. When the surviving spouse dies, the property passes to the trust beneficiaries. It is not considered part of the second spouse's estate for estate tax purposes. Using this kind of trust keeps the second spouse's taxable estate half the size it would be if the property were left directly to the spouse. This type of trust is also known as a bypass or credit shelter trust.