Glossary Of Terms

A shortened version of the full trust document used to verify the existence of the trust without revealing private details….

A type of irrevocable trust that provides income to the grantor or other beneficiaries for a set period, with the…

The section of a trust that outlines when and how beneficiaries receive assets. It can include conditions such as reaching…

An independent person appointed to oversee the trustee and ensure the trust is administered according to the grantor’s intentions. This…

The process of maintaining detailed financial records of a trust’s income, expenses, and distributions. Trustees are typically required by law…

A type of will designed to transfer any remaining assets not already in the trust into the trust upon the…

A provision included in many trusts to prevent inheritances from being seize by creditors.. It protects the assets within the…

A complete rewrite of an existing trust document that keeps the original trust name and date but updates all of…

A legal modification made to a revocable trust that updates specific sections without replacing the entire document. It’s commonly used…

The corpus refers to the original assets placed into the trust, such as cash, property, or investments. These assets form…

A person dies intestate when they pass away without a valid will. In this case, the state’s intestacy laws determine…

A revocable living trust is an estate planning tool that allows the creator (the grantor) to manage assets during their…

Probate is the court-supervised process of validating a will, settling debts, and distributing the deceased person’s assets. Some assets—like those…

An advance directive is a legal document that outlines a person’s healthcare preferences if they become unable to make decisions…

A power of attorney is a legal document that allows one person (the agent or attorney-in-fact) to make financial or…

A fiduciary is someone who holds a position of trust and must act in another person’s best interests. Executors, trustees,…

A trustee is the person or institution appointed to manage and administer a trust according to its terms. They have…

A beneficiary is any person or entity (such as a charity) designated to receive assets, money, or property from a…

The executor (or personal representative) is the individual named in a will who is responsible for carrying out the deceased…

A testator is the person who creates a Last Will and Testament. This individual outlines how their property and assets…