Legal Glossary

Agent
A person who has the legal right and power to act for another person (i.e., the principal) and who owes duties of trust (i.e., fiduciary duties) to the other person.

Beneficiary
A person who has rights to money or property, or may have rights to money or property in the future, under a legal document such as a will, trust, bank deposit agreement, investment account agreement, insurance policy, annuity, or other document.

Bequest
A gift of money or property given to someone under a will, other than real estate.

Conservator
A person appointed by a court who has the legal right and power to protect and manage the property of another person (i.e., the protected person).

Conservatorship
A legal relationship created when the Probate Court gives a person (i.e., a conservator) the legal right and power to take care of the property of another person who needs help (i.e., the protected person). A guardian makes decisions about the protected person's property in order to ensure financial resources are available for the protected person's care.

Decedent
A person who has died.

Deed
A conveyancing document used to transfer ownership rights in real estate from one person (i.e., the grantor) to another person (i.e., the grantee).

Estate
A legal term of art that stands for legal rights and responsibilities that come from the fact of being a person (i.e., having a body and personal identity), or from having rights in things existing outside of one's person (i.e., property).

Estate of the Person
All of the legal rights and responsibilities that arise from one's person (i.e., having a body and personal identity), and the ability to make choices about those things.

Estates of Property
All of the legal rights and responsibilities that come from having rights in things that exist outside of one's person (i.e., property), and the ability to make choices about those things.

Fiduciary
A person who owes one or more duties of trust (i.e., fiduciary duties) to another person (i.e., the principal).

Fiduciary Duties
Duties of trust that a person (i.e., an agent) owes to another person (i.e., a principal), such as confidentiality, obedience, accounting, loyalty, and disclosure.

Guardian
A person appointed by a court to protect and manage the person (i.e., living arrangements, medical care, personal care, education, socialization, and support) of another person who needs help (i.e., the protected person).

Guardianship
A legal relationship created when the Probate Court gives a person (i.e., a guardian) the legal right and power to take care of another person who needs help (i.e., a protected person). A guardian makes decisions about the protected person's living arrangements, medical care, personal care, education, socialization, and support.

Intestate
The term used to describe the circumstances when a person dies without leaving a valid will.

Land Contract
A real estate financing document where a buyer agrees to make installment payments to the seller over time. When the buyer pays off the contract by making all of the agreed payments, the seller gives the buyer a deed to the property. Also known as a contract for deed.

Lease
A real estate document used to transfer rights of possession and use of real estate from an owner (i.e., landlord) to a renter (i.e., tenant) for some specific period of time, in exchange for payments of rent.

Legacy
A gift of money or property given to someone under a will, other than real estate.

Mortgage
A real estate financing document where (1) a lender loans funds to a buyer to buy real estate, (2) the buyer promises to repay the lender in installment payments over time, and (3) the buyer gives the lender rights in the real estate to secure repayment of the loan (i.e., the lender's right to foreclose). When the buyer pays the loan off by making all of the agreed payments, the lender releases its rights in the property. Also known as a lien, and used with a promissory note.

Patient Advocate
A person who has the legal right and power to make medical decisions for another person (i.e., the patient) under a patient advocate designation.

Patient Advocate Designation
A legal document used to give a person (i.e., the patient advocate) legal power to make medical decisions for another person (i.e., the patient).

Personal Property
Rights in property that are things other than real estate.

Personal Representative
A person appointed by a court to protect and manage the estate of a deceased person (i.e., the decedent).

Power of Attorney
A document used to give one person legal power to make medical decisions for another person (i.e., the patient).

Principal
A person who has given another person (i.e., an agent) the legal power to act for them, and who is owed duties of trust (i.e., fiduciary duties) by the other person.

Probate
(noun/adjective) A division of the Michigan Courts that deals with protection and management of estates of the person and estates of property, including decedent estates, wills, trusts, power of attorneys, patient advocate designations, guardianships, conservatorships, and mental health proceedings.

(verb) The act of administering a decedent's will through proceedings in the probate court.

Promissory Note
A financing document where one person (i.e., the promisor) promises to pay another person (i.e., the promisee) an amount of money upon demand, or at an agreed time.

Protected Person
A person in need of help for whom a court has appointed another person (i.e., a guardian or conservator) to protect and manage the person's person (i.e., guardianship over estate of the person) or the person's property (i.e., conservatorship over estate property).

Purchase Agreement
A real estate purchase document used to state the terms under which a buyer agrees to buy real estate from a seller, and under which the seller also agrees to sell to the buyer. Also known as a buy-sell agreement.

Real Estate
Rights in property that are things consisting of land and things permanently affixed to land (i.e., improvements). Also known as real property.

Real Property
Rights in property that are things consisting of land and things permanently affixed to land (i.e., improvements). Also known as real estate.

Residue
Rights in property that pass under a will without specifically naming the thing in the will. It is a catch-all term that basically means "everything else I own or may own, whether I have mentioned it or not."

Specific Gift
A gift of specifically identified money or property given to someone under a will.

Testate
The term used to describe the circumstances when a person dies leaving a valid will.

Testator
A person who dies leaving a valid will.

Trust
A conveyancing document where one person (i.e., a settlor) gives legal ownership of property to another person (i.e., a trustee), with instructions to hold the property for the benefit of one or more people (i.e., beneficiaries).

Trustee
A person who has accepted property from another person (i.e., a settlor), who agrees to protect and manage the property for the benefit of one or more people (i.e., beneficiaries) under instructions contained in a trust document.

Will
A legal document where one person (i.e., a testator) nominates another person (i.e., a personal representative) to administer the testator's estate, with instructions to the personal representative about how money and property of the estate should be distributed to one or more people (i.e., beneficiaries).