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Today's Terms
Devise
Definition:
A gift made by a will or a trust. A devise is made to a beneficiary under the terms of the will or trust.
Exemption Credit
Definition:
The amount of tax credit, similar in nature to the personal income tax exemption, applied to the transfer tax due at a person's death.
Will
Definition:
A written document that provides instructions for disposing of a person's property upon the person's death. A will generally also names an executor or personal representative to handle the estate.
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