A person who gives money or other help to a person or cause.
A person or entity who receives money or other benefits from a benefactor.
Primary Beneficiary: The first in line to receive named benefits. There can be more than one primary beneficiary.
Secondary Beneficiary: Inherits named benefits only if the primary beneficiary dies before the benefactor. A secondary beneficiary is also considered a contingent beneficiary.
Contingent Beneficiary: Inherits assets only if one or more specified conditions are met. Many times, a secondary beneficiary inherits assets if the primary beneficiary dies before the benefactor, which is a condition to be met.
A gift of personal property, such as cash, securities, real estate, or other property, which is owned by a decedent at the time of death and is directed to a beneficiary by the provisions of the decedent’s will.
A person who has died.
The documentation of the succession of assets and debts after the death of an individual.
The person appointed to administer the estate of a person who has died. The executor ensures that the decedent’s desires as expressed in their will are carried out. Absent a will, or if there is a valid objection to the person nominated as executor in the will, an executor is appointed by the court.
A donation made to a charity or non-profit organization by an individual through their will or other formal estate planning designation.
A charitable gift that provides payments to the donor and/or others. Examples include charitable gift annuities, charitable remainder unitrusts, and pooled income funds. At the death of the beneficiary, the remainder is used by the charity.
A gift that can be used immediately by a charitable institution. Examples include cash, securities, business interests, real estate, and personal property.
An individual can own property in their name alone or with others.
Jointly owned property: Property owned by two or more individuals. Rights of survivorship generally go to the surviving joint owner(s), regardless of what the will states.
Tenants-in-common: One-half of the property will follow the provisions in your will; therefore, your beneficiary will become the new co-owner after your lifetime with your original tenant-in-common.
Community property: A form of co-ownership but is applicable only between spouses, or in some states, registered domestic partners. Some states allow couples to take title in this manner. When property is held this way, each spouse/partner owns a half interest in the asset.
A person who has been trusted to manage the financial affairs of someone who is unable to do so. A personal representative may be appointed by a court, nominated by a trust, or selected by the person whose finances are to be managed.
The court-supervised process of administering the estate of a deceased person, resolving all claims, and distributing the deceased person’s property under a will.
If you have already made a gift to Avodah in your will, trust, or beneficiary designation, please let us know. We would like to recognize your generosity by welcoming you as a new member of our Avodah Legacy Kehillah.
We will not publish your name if you would like to remain anonymous.