Planned Giving Glossary

Annuitant
The person, usually the annuity owner, whose life expectancy is used to calculate the income payment amount on the annuity

Annuity
A sum of money payable yearly or at other intervals

Appreciated property
Property, such as real estate or stock, which has increased in value

Beneficiary
An individual designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

Bequest
A gift of personal property transferred by will

Capital gains tax
The tax due as a consequence of selling an asset which has appreciated in value

Charitable gift annuity
Typically an agreement in which one transfers cash or other assets to a charitable organization in exchange for its promise to pay that individual an annuity for life or some predetermined period

Charitable trust
A trust having a charitable organization as a beneficiary

Codicil
A legal instrument made to modify an earlier will

Fiduciary
A person or institution legally responsible for the management, investment and distribution of funds. Examples include trustees, executors and administrators

Probate
The legal process of establishing the validity of a will and settling an estate

Tangible personal property
Personal property which can be touched and moved, but not including things which are only symbols of intangible personal property, such as stock certificates. Examples include art, jewelry, collections, automobiles.

Testator
An individual who dies, leaving a will or testament in force

Trust
A written legal instrument created by a grantor for the benefit of him/herself (during life) or others (during life or at death)

Trustee
The individual or institution entrusted with the duty of managing property placed in a trust

Will
A legally executed document that directs how and to whom a person’s property is to be distributed after death