Agent– a person who is authorized to act on behalf of another
EstateAdministration– the process of settling an estate after someone dies
Executor– the person you designate in your last will and testament who will work with the attorney to settle your estate
GrantorTrust– any trust over which the settlor or other owner retains the power to control or direct the trust’s income or assets, resulting in the income of the trust being taxed to the settlor, rather than the trust
IncomeBeneficiary– a beneficiary who is to receive the income, as opposed to the principal of a trust
IndependentExecutor– your executor who is allowed to act pursuant to a simpler probate process because you either authorized it in your Will or all of your heirs agreed to allow the executor to serve as an independent executor. Independent executors typically do not require the court authorization to act that is otherwise required of executors.
LastWilland Testament – a legal document naming your executor and describing, among other things, who is entitled to your assets when you die
LivingTrust– a trust that you establish during your lifetime
LivingWill – a document whereby you express your intentions regarding the withdrawal or withholding of life support systems
Principal– one who directs or allows another to act on his behalf
PrincipalBeneficiary– a beneficiary who is to receive the principal of a trust upon the termination of the trust
Settlor– a person who creates a trust (sometimes called a grantor”)
Trust– a relationship resulting from the transfer of title to property to a person (trustee) to be administered for the benefit of another (beneficiary)
TrustIncome– any interest earned on the principal of the trust; the right to use trust principal such as a home
TrustPrincipal– the original money and/or assets placed into the trust
Trustee– the person appointed to hold and manage property in trust for the benefit of another