Family Office Definition: Witnessed Will
Witnessed Will definition: A witnessed will meets the requirements by the state regarding witness signatures.
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Family Office Definition: Will Substitutes
Will Substitutes definition: Will substitutes transfer assets to beneficiaries outside of a will. They are not subject to probate. Examples of will substitutes include: life insurance, retirement accounts, annuities, custodial accounts, trusts, government savings bonds, property held by joint tenancy, property transferred by deeds of title or gifts, and payable-on-death or transfer-on-death accounts.
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Family Office Definition: Will
Will definition: A will is a legal document that outlines how you would like your property and personal assets handled following your death.
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Family Office Definition: Whole Life Insurance
Whole Life Insurance definition: A whole life insurance policy pays beneficiaries a guaranteed amount when the owner dies. The policy provides coverage for the owner’s entire life (also known as permanent coverage) and does not need to be renewed. Similar to a tax-deferred investment, the policy’s cash value increases over time, and the earnings are only taxed when distributions are made. With whole life policies, the premiums, death benefits, and cash values are fixed during the term of the policy. Beneficiaries are not taxed on their proceeds from a death benefit. However, life insurance policies may be included in the taxable estate depending on how they are structured.
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