For anyone who is investigating a topic that with which they are not familiar, some of the terms thrown around can sound like a foreign language. If you'd never watched a baseball game before trying to follow a conversation that includes talk about a short stop and a triple play would not likely make much sense.

If you have no idea what the people in the conversation are talking about you are not very likely to take an interest in baseball. The same hold true for estate planning, if you don't recognize the term you may not feel inclined to start looking into an estate plan. Here is a brief roundup of some of terms that can be helpful to facilitate conversations around long term planning.

A trust is an instrument in which one person transfers property to a second person for the benefit of a third person. The person who provides the assets which create trust can be called a settlor, grantor, donor, or trustor. The person to whom legal title to the assets is transferred is the trustee. The trustee distributes the assets for the benefit of the third party who is known as the beneficiary.

An heir is a person who has a legal right to inherit all or part of a decedent's estate after death. These generally include the children and grandchildren of the decedent, sometimes referred to as the decedent's issue. Some law school professors go out of their way to remind budding lawyers that the living have no heirs. That is because you do not become an heir until the person from whom you may inherit property has died.

Finally the term probate. You have likely heard someone say that they are trying to avoid probate, or that something is in probate. Probate is the legal process that administers the estate of the deceased. It ensures the validity of the will and resolves claims from creditors or between those that seek to inherit a portion of the estate.

This is only a cursory list, but will hopefully increase your level of comfort to talk about these matters. Of course an attorney experienced in these matters will also be willing to walk you through any questions you may have, one step at a time.

Source: Ventura County Star "Understanding wills and trusts" Betty Berry, May 31, 2011