Estate Planning Glossary

Advance Directive

Also known as: Healthcare Directive, Living Will

A legal document that tells doctors what medical care you want if you can't speak for yourself. This includes decisions about life support, resuscitation, and pain management. MyLifeLedger helps you document where this document is stored.

Beneficiary

The person or people you've named to receive benefits from a life insurance policy, retirement account, or other financial account when you pass away. Beneficiary designations on accounts override what's in your will.

Digital Footprint

Also known as: Digital Estate

All of your online accounts, subscriptions, social media profiles, email accounts, cloud storage, cryptocurrency wallets, and other digital assets. Most people have 50-100+ online accounts. MyLifeLedger helps you document where they all are.

Estate Plan

The collection of legal documents that outline who gets your assets, who makes decisions for you if you're incapacitated, and how your affairs should be handled. Typically includes a will, trust, power of attorney, and healthcare directive. MyLifeLedger is NOT an estate plan — it's a companion tool that organizes where all these documents are located.

Executor

Also known as: Personal Representative

The person you name in your will to carry out your wishes and manage your estate after you pass away. Their job is much easier if you've created a MyLifeLedger — they'll know exactly where everything is.

Family Emergency Information Organizer

A tool (physical or digital) that helps you document where all your important accounts, policies, documents, and contacts are located — so your family can find everything if something happens to you. MyLifeLedger is a digital family emergency information organizer.

Guardian

The person you name in your will to care for your minor children if both parents pass away or are unable to care for them. This is one of the most important decisions a parent can make.

Healthcare Proxy

Also known as: Medical Power of Attorney

A person you legally designate to make healthcare decisions on your behalf if you're unable to do so. Different from an advance directive, which documents your specific wishes — a healthcare proxy is the person who carries them out.

Intestate

Also known as: Dying Without a Will

If you pass away without a will, you died 'intestate.' Your state's laws will decide who gets your assets — which may not align with your actual wishes. Having a will is one of the most important things you can do for your family.

Living Trust

Also known as: Revocable Trust

A legal arrangement where you transfer ownership of your assets to a trust during your lifetime. When you pass away, the trust's assets pass directly to your beneficiaries without going through probate. Often recommended for people with significant assets or complex situations.

Power of Attorney (POA)

A legal document that gives someone you trust the authority to act on your behalf for financial and legal matters if you become incapacitated. Without one, your family may need a court order to access your accounts or make decisions.

Probate

The legal process of validating a will and distributing assets after someone passes away. Probate can take months to years and can be expensive. Having organized information (like a MyLifeLedger) significantly speeds up this process.

Trustee

In MyLifeLedger, a trustee is a person you've invited to view your family ledger. They get password-protected access so they can find your information if something happens to you. In legal terms, a trustee manages a trust on behalf of beneficiaries.

Will

Also known as: Last Will and Testament

A legal document that states who gets your assets, who becomes guardian of your minor children, and who serves as executor of your estate. Without one, state law decides everything. MyLifeLedger helps you document where your will is physically located.

AES-256 Encryption

Also known as: Bank-Level Encryption

An encryption standard used by banks, the US military, and security-critical applications. AES-256 means your data is scrambled with a 256-bit key — making it virtually impossible to crack. MyLifeLedger uses AES-256 to protect your family's information.

Map, Not Key

MyLifeLedger's security philosophy. Instead of storing passwords, account numbers, or PINs (the 'key'), MyLifeLedger stores where your accounts and documents are located (the 'map'). This means your ledger is useful for your family but useless for a hacker.

End-of-Life Planning

The process of preparing for what happens after you pass away or become incapacitated. Includes creating a will, designating beneficiaries, naming a healthcare proxy, documenting funeral wishes, and organizing your family's important information.

Letter of Intent

Also known as: Letter of Wishes

An informal document that provides guidance to your executor, trustee, or family members about your wishes. Unlike a will, it's not legally binding — but it can provide context on sentimental items, funeral preferences, or messages to loved ones.

HIPAA Authorization

A form that allows your family or designated agents to access your medical information. Without one, healthcare providers may not be able to share your medical information with family members due to privacy laws.

Fiduciary

A person or entity legally obligated to act in your best interest — such as a financial advisor, trustee, or executor. When choosing people for these roles, you want someone trustworthy, organized, and ideally local.