Glossary of Terms

Advance Directive:

n. a set of written instructions that a person gives that specify what actions should be taken for their health if they are no longer able to make decisions due to illness or incapacity.

Asset:

n. generally any item of property that has monetary value, including articles with only sentimental value (particularly in the estates of the dead).

Beneficiary:

n. a broad definition for any person or entity who is to receive assets or profits from an estate, a trust, an insurance policy or any instrument in which there is distribution.

Digital Asset:

n. any item of text or media that has been formatted into a binary source that includes the right to use it.

Encryption:

v. the process of transforming information, using an algorithm, to make it unreadable to anyone except those possessing a key.

Legacy:

n. a gift of personal property or money to a beneficiary (recipient) of a will. While technically legacy does not include real property, legacy usually refers to any gift from the estate of one who has died.

Legacy Lockbox:

n. a safe and secure online system to store your asset information to be passed on to designated recipients

Living Will:

n. a document in which a person appoints someone as his/her proxy or representative to make decisions on maintaining extraordinary life-support if the person becomes too ill, is in a coma or is certain to die.

Power of Attorney:

n. a legal, written document signed by a person giving another person the power to act in conducting the signer's business, including signing papers, checks, title documents, contracts, handling bank accounts and other activities in the name of the person granting the power.

Recipient:

n. in your Legacy Lockbox, a person to whom you designate to receive specific asset information upon passing.

Verifier:

n. in your Legacy Lockbox, a person which you designate to verify a reported passing.

Will:

n. a legal document detailing instructions for the disposition of one's property after death.