The term 'penultimate word in fairy tales' refers to the second-to-last word in a fairy tale. This is usually the word that comes before the phrase 'happily EVER after, ' which is the last phrase in most fairy tales. The crossword solution for this term is 'EVER, ' which is a four-letter word meaning 'at all times; always.' This word is often used to emphasize the idea of a happily-EVER-after ending, as it implies that the characters will remain happy forever.