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HoldingsHaven

Glossary

Estate & asset terms, in plain English

One sentence first, the precise wording underneath. These describe common usage, not the rules in your state or country.

Estate planning & inheritance

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Contingent (backup) beneficiary

Who receives the account if every primary beneficiary has died or declines it.

Without a contingent, the account may default to the estate and go through probate.

Example: You name your spouse as primary and your children as contingent.

See also: Primary beneficiary, Probate

Digital fiduciary

Someone you authorize to manage or close your online accounts after death or incapacity.

Many US states follow RUFADAA. Some providers (Apple, Google, Facebook) also have their own legacy contact settings.

Executor (personal representative)

The person named in a will to settle the estate: gather assets, pay debts and distribute what is left.

Grantor, trustee and beneficiary

The grantor creates the trust, the trustee manages it, and the beneficiaries benefit from it. People fill these roles; they don't "own" the trust.

See also: Revocable living trust

Irrevocable trust

A trust that generally can't be changed once signed. Assets placed in it no longer belong to you.

Often used for estate-tax, creditor-protection or Medicaid planning. Rules and flexibility (decanting, trust protectors) vary.

See also: Revocable living trust

Per capita

If a beneficiary dies before you, their share is split among the beneficiaries who are still living.

Latin for "by the head". Exact rules differ by institution and state; check the form's wording.

See also: Per stirpes

Per stirpes

If a beneficiary dies before you, their share goes down to their own children.

Latin for "by the branch". The share follows the family line instead of being split among the survivors.

Example: You leave equal shares to two children. One dies first; that child's half goes to their kids.

See also: Per capita

Power of attorney

A signed document letting someone act for you while you are alive, for money matters, health decisions, or both.

A durable power of attorney keeps working if you become incapacitated. It ends at death, when the executor or trustee takes over.

Primary beneficiary

The first person or trust named to receive an account when the owner dies.

See also: Contingent (backup) beneficiary

Probate

The court process that confirms a will and hands out what was in someone's own name when they die.

Assets passing by beneficiary designation, joint ownership with survivorship, or trust title usually avoid probate. Timing, cost and privacy vary by state and country.

Example: A house in your name alone may go through probate; the same house titled to your living trust usually does not.

See also: Revocable living trust, Joint with right of survivorship (JTWROS), Funding a trust

Revocable living trust

A trust you set up and control during your life, and can change or cancel. It holds assets so they can pass without probate.

The grantor is usually also the trustee; a successor trustee takes over at death or incapacity. It only works for assets actually retitled to it.

See also: Irrevocable trust, Funding a trust, Grantor, trustee and beneficiary

Titling & ownership

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Effective share

Your real slice after multiplying through each layer of ownership.

Example: Your trust owns 100% of a holding LLC that owns 60% of a business: your effective share of the business is 60%.

See also: Holding entity

Funding a trust

Moving assets into a trust's name, or naming the trust as beneficiary. A trust only controls what has been put into it.

Example: Signing a new deed from "Jane Miller" to "Jane Miller, Trustee of the Miller Living Trust".

See also: Revocable living trust, Titling

Holding entity

A company or trust that mostly owns other things, such as other companies, property or accounts, rather than running a business itself.

In HoldingsHaven its value is usually the total of what it holds, so its own value starts at $0.

See also: Operating entity, Calculated from holdings

Joint with right of survivorship (JTWROS)

Two or more owners; when one dies, the survivors automatically own it all.

Passes outside the will and probate. Common for spouses. Some states use tenancy by the entirety for married couples.

See also: Tenants in common

Operating entity

A company that actually does business: sells products or services, has customers, and may have employees.

It can have its own value (for example an appraisal) apart from any accounts it holds.

See also: Holding entity

Sole (individual) ownership

One person's name only. Without a beneficiary or transfer-on-death form, it usually goes through probate.

See also: Probate, Titling

Tenants in common

Each owner holds a separate share. When one dies, their share passes under their will, not to the other owners.

See also: Joint with right of survivorship (JTWROS)

Titling

Whose name is legally on the deed, account or certificate. Titling, not your will, decides how many assets pass.

See also: Sole (individual) ownership, Joint with right of survivorship (JTWROS), Tenants in common, Funding a trust

Retirement & small business

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Buy-sell agreement

An agreement between business owners about what happens to a share if an owner dies, leaves or becomes disabled.

Form 5500-EZ

A yearly IRS filing for owner-only retirement plans once total plan assets pass $250,000 at year end.

Filed by the plan sponsor, usually due July 31 for calendar-year plans. Confirm current thresholds and deadlines with your CPA or plan administrator.

See also: Solo 401(k)

Plan sponsor vs. participant

The company sponsors a retirement plan; each person (participant) owns their own account inside it. The company does not own the money.

In HoldingsHaven, link the company under Who helps as Plan sponsor, and set each person as 100% owner of their account.

See also: Solo 401(k), Form 5500-EZ

Schedule K-1

A tax form a partnership, S corporation or trust sends each owner showing their share of income or loss.

Self-directed / checkbook IRA

An IRA that can hold alternative investments like real estate or private funds. A checkbook IRA uses an LLC the IRA owns, so you can write checks for it.

Prohibited-transaction rules are strict; mistakes can disqualify the whole account.

Solo 401(k)

A 401(k) for a business owner with no employees other than a spouse. Pre-tax and Roth money are kept as separate buckets.

See also: Plan sponsor vs. participant, Form 5500-EZ, Self-directed / checkbook IRA

Types of holdings

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403(b)

A workplace retirement plan for schools, hospitals and nonprofits, similar to a 401(k).

See also: 457 plan

457 plan

A retirement plan for state and local government workers (and some nonprofits).

Governmental 457(b) withdrawals after leaving the job generally avoid the early-withdrawal penalty.

See also: 403(b)

ABLE account

A tax-advantaged savings account for a person with a disability that doesn't affect most benefits.

See also: Special needs trust (SNT)

Asset protection trust

An irrevocable trust designed to shield assets from future creditors.

Domestic (some US states) and offshore versions exist. Protection depends on timing, state law and following the trust's rules.

See also: Irrevocable trust

C-corporation

A company taxed separately from its owners; shareholders pay tax again on dividends.

See also: S-corporation

Cash balance plan

A type of pension where your benefit grows like an account balance, often used by business owners to save more than a 401(k) allows.

See also: Solo 401(k)

Certificate of deposit (CD)

A bank deposit that pays a set interest rate for a fixed time; taking money out early usually costs a penalty.

Charitable gift annuity

You give money to a charity, and it pays you a fixed income for life.

A contract with the charity rather than a separate trust; part of the gift may be tax-deductible.

See also: Charitable remainder annuity trust (CRAT)

Charitable lead annuity trust (CLAT)

A charity receives fixed yearly payments first; your heirs get what remains afterwards.

Often used to pass growth to heirs with reduced gift or estate tax.

See also: Charitable lead unitrust (CLUT)

Charitable lead unitrust (CLUT)

A charity receives yearly payments first (a percentage of the trust's value); your heirs get what remains afterwards.

See also: Charitable lead annuity trust (CLAT)

Charitable remainder annuity trust (CRAT)

You receive a fixed dollar payment each year, and a charity gets what is left at the end.

Unlike a CRUT, the payment does not change and no extra money can be added later.

See also: Charitable remainder unitrust (CRUT)

Charitable remainder unitrust (CRUT)

You or your family receive a yearly percentage of the trust's value, and a charity gets what is left at the end.

Payments are a fixed percentage of the trust revalued each year, so they rise and fall with the investments.

See also: Charitable remainder annuity trust (CRAT)

Coverdell ESA

A small education savings account for school costs from kindergarten through college.

See also: UTMA / UGMA account

Credit shelter / bypass (AB) trust

When the first spouse dies, part of the estate goes into this trust so it isn't taxed again when the second spouse dies.

Less common since portability of the estate tax exemption, but still used for control and state estate taxes.

See also: QTIP trust

Deferred income annuity (DIA)

You pay now and income starts years later, often for life.

See also: Immediate income annuity (SPIA), Qualified longevity annuity contract (QLAC)

Delaware Statutory Trust (DST)

A share in a professionally managed property, often bought with proceeds from a 1031 exchange.

Investors are passive and cannot make management decisions.

See also: Tenants in common

Donor-advised fund (DAF)

A charitable giving account: you get a tax deduction when you add money, then recommend grants to charities over time.

See also: Private family foundation

Fixed indexed annuity (FIA)

An insurance contract whose growth follows a market index with a floor so you don't lose principal to market drops.

Gains are usually capped; surrender charges apply in early years.

Fund or syndicate interest

A share in a pooled investment managed by a sponsor, such as a real estate syndication or private equity fund.

Investors are usually limited partners and receive a Schedule K-1.

See also: Schedule K-1

Generation-skipping / dynasty trust

A long-lasting trust designed to benefit grandchildren and later generations.

Uses the generation-skipping transfer (GST) tax exemption; how long it can last depends on state law.

See also: Irrevocable trust

Grantor retained annuity trust (GRAT)

You put assets in, receive fixed payments back for a set number of years, and any growth above an IRS rate passes to heirs.

If the grantor dies during the term, the assets generally return to the estate.

See also: Irrevocable trust

Hardware wallet / cold storage

A physical device that keeps crypto keys offline.

Heirs need the device and its recovery instructions; record where they are, never the seed phrase itself.

See also: Shared-key vault (multi-signature)

Health savings account (HSA)

A tax-advantaged account for medical costs, available with a high-deductible health plan.

Money can be invested and carried forward for years; after 65 non-medical withdrawals are taxed like an IRA.

Immediate income annuity (SPIA)

You pay an insurer a lump sum and receive income starting right away, often for life.

See also: Deferred income annuity (DIA)

Indexed universal life (IUL)

Universal life whose cash value growth follows a market index, with a floor and a cap.

See also: Universal life insurance

Intentionally defective grantor trust (IDGT)

A trust that is outside your estate for estate tax, but you still pay its income tax, letting it grow faster for heirs.

Often paired with a sale of assets to the trust for a promissory note.

See also: Irrevocable trust

Irrevocable life insurance trust (ILIT)

A trust that owns a life insurance policy so the payout stays outside your taxable estate.

Premiums are usually paid through gifts to the trust; transferring an existing policy can have a three-year look-back.

See also: Irrevocable trust

Land trust

A trust that holds title to real estate so the owner's name stays off public records.

The beneficiary usually keeps control and use of the property; rules vary by state.

See also: Titling

LLC

A limited liability company: a flexible business structure that separates business debts from personal assets.

See also: S-corporation, Operating entity

Long-term care insurance

Helps pay for in-home care, assisted living or a nursing home.

Money market

A savings-style account or fund that pays interest and is easy to access.

A bank money market account is deposit-insured; a money market fund at a brokerage is an investment and is not.

Multi-year guaranteed annuity (MYGA)

An annuity that pays a fixed interest rate for a set number of years, similar to a CD from an insurer.

See also: Certificate of deposit (CD)

Overriding royalty interest (ORRI)

A royalty carved out of a lease; it pays a share of production but ends when the lease ends.

See also: Royalty interest

Pooled income fund

A fund run by a charity that combines gifts from many donors and pays each donor a share of the income for life.

See also: Charitable remainder unitrust (CRUT)

Prepaid tuition contract

Locks in today's tuition for future college costs at participating schools.

Private family foundation

A charity your family creates and controls to make grants.

Must give out at least 5% a year and file Form 990-PF.

See also: Donor-advised fund (DAF)

Promissory note

A written promise that someone will repay money you lent them, with the terms of repayment.

Secured notes are backed by collateral (like a deed of trust); unsecured notes are not.

See also: Seller-financed sale

QTIP trust

Provides income to a surviving spouse for life, then passes the assets to people the first spouse chose, such as children from an earlier marriage.

Qualified terminable interest property; qualifies for the marital deduction.

See also: Credit shelter / bypass (AB) trust

Qualified longevity annuity contract (QLAC)

A deferred income annuity bought with retirement money that delays required withdrawals on that amount.

See also: Deferred income annuity (DIA)

Qualified personal residence trust (QPRT)

Moves your home to heirs at a reduced gift value while you keep living in it for a set number of years.

After the term you typically pay fair rent to stay. If you die during the term, the home returns to the estate.

See also: Irrevocable trust

Restricted stock units (RSU)

Company shares promised by an employer that become yours on a schedule (vesting).

Usually taxed as income when they vest.

See also: Stock options & equity grants

Roth IRA

A retirement account funded with after-tax money; qualified withdrawals later are tax-free.

See also: Traditional IRA

Royalty interest

A share of oil, gas or mineral production income without paying operating costs.

See also: Working interest, Overriding royalty interest (ORRI)

S-corporation

A company whose profits pass through to the owners' personal tax returns, avoiding a separate corporate tax.

See also: C-corporation, Schedule K-1

Search fund

Investors back an entrepreneur who searches for, buys and runs a single small business.

See also: Fund or syndicate interest

Seller-financed sale

You sold something (often property or a business) and the buyer pays you over time instead of through a bank.

See also: Promissory note

SEP IRA

A simple retirement plan for self-employed people and small businesses, funded only by the employer.

See also: Solo 401(k), SIMPLE IRA

Shared-key vault (multi-signature)

A crypto wallet that needs more than one key to move funds, so no single lost key or person can drain it.

Worth noting who holds each key in your binder (never the keys themselves).

SIMPLE IRA

A low-cost retirement plan for small businesses where both employees and the employer contribute.

See also: SEP IRA

Special needs trust (SNT)

Holds money for a person with a disability without disqualifying them from government benefits.

Third-party and first-party (self-settled) versions follow different rules, including possible Medicaid payback.

See also: Irrevocable trust

Spousal lifetime access trust (SLAT)

An irrevocable trust one spouse creates for the other, moving assets out of the estate while the family keeps indirect access.

Access usually ends on divorce or the beneficiary spouse's death.

See also: Irrevocable trust

Stock options & equity grants

The right to buy employer shares at a set price, or to buy them at a discount through a plan.

ESPP = employee stock purchase plan; ISO and NSO are option types with different tax treatment.

See also: Restricted stock units (RSU)

Structured settlement annuity

Payments over time from a legal settlement, paid through an annuity.

Supporting organization

A public charity that exists to support one or more specific charities.

See also: Private family foundation

Survivorship / second-to-die life

One policy covering two people that pays after both have died, often used to cover estate taxes.

See also: Irrevocable life insurance trust (ILIT)

Tax deed

Ownership of a property bought at a government sale for unpaid taxes.

A redeemable deed can still be reclaimed by the former owner for a period.

See also: Tax lien certificate

Tax lien certificate

You pay someone's overdue property tax and earn interest when they repay it.

If not repaid in time, the holder may be able to start foreclosure; rules vary by state.

See also: Tax deed

Term life insurance

Pays if you die during a set period (like 20 years); no savings value.

See also: Whole life insurance

Testamentary trust

A trust written into a will that only starts after death.

Because it is created by the will, the assets usually go through probate first.

See also: Probate

Traditional IRA

A personal retirement account where money usually grows tax-deferred and is taxed when you take it out.

See also: Roth IRA

Universal life insurance

Permanent coverage with flexible premiums and a cash value that earns interest.

See also: Indexed universal life (IUL), Variable universal life (VUL)

UTMA / UGMA account

An account held by an adult for a child; the child gets full control at the age set by state law.

Gifts are irrevocable and belong to the child.

See also: Coverdell ESA

Variable annuity

An insurance contract invested in funds, so its value goes up and down with the market.

Variable universal life (VUL)

Universal life whose cash value is invested in funds and can rise or fall.

See also: Universal life insurance

Whole life insurance

Permanent coverage with a guaranteed cash value that builds over time.

See also: Universal life insurance

Working interest

Ownership in a well where you share both the income and the drilling and operating costs.

See also: Royalty interest

How HoldingsHaven counts things

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Authorized user

Someone allowed to use a card on another person's account. They aren't responsible for the debt, and their card usually stops working when the owner dies or the account is frozen.

Calculated from holdings

A company or trust whose total is the sum of what it holds, so nothing is counted twice.

See also: Holding entity

Held for my benefit

Something you may receive but don't own yet, like someone else's trust or an expected inheritance. It's tracked but left out of your net worth.

Inactivity lock

After 30 minutes without activity, HoldingsHaven locks your screen and asks for your password again, so records stay private if you step away.

Lead advisor vs. staff seat

In an advisory firm, a Lead manages the team, firm templates and verified review stamps. Staff help with data entry and onboarding but can't sign reviews.

Umbrella insurance gap

The difference between what you own in your own name and the extra liability coverage you carry. Educational only; ask your broker.

HoldingsHaven is a personal information organizer and planning workbook, not a law firm, custodian or fiduciary. Your executed legal documents and the designations filed with your institutions govern over anything entered here.

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