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Co-Trustees - Two or more individuals or
corporations who act together in managing a trust's assets.
Corporate Trustee - A corporate entity, such
as a bank or trust company that manages or administers trusts.
Durable Power of Attorney for Pet Care -
A legal document that gives another person full or limited legal
authority to act on your behalf in caring for your pets. It would
remain valid even if you become incapacitated through accident
or illness. It would end at your death or sooner if you revoked
the document in writing.
Fiduciary - Person having a greater legal
duty than normal to act for another person's benefit. You often
hear the expression a trustee acts as a fiduciary.
Grantor - A person who creates a trust, sometimes
referred to as a settlor.
Inter Vivos - In Latin it means "between
the living." A revocable living trust is sometimes called
an inter vivos trust.
Irrevocable Trust - A trust that cannot be
changed or canceled once it is set up.
Intestate - You die without a Will.
Living Trust - A legal entity created during
your life. A three party arrangement which includes a grantor,
trustee and beneficiary. Sometimes called an "inter vivos
trust."
Personal Representative - Another name for
an executor or administrator.
Power of Attorney - A legal document that
gives another person legal authority to act on your behalf for
a stated purpose. Ends at revocation, incapacity (unless it is
a durable power of attorney) or death.
Successor Trustee - Person or institution
named in a trust document that will take over should the first
trustee die, resign or otherwise become unable to act.
Testamentary Trust - A trust that goes into
effect at death.
Testate - One who dies with a valid will.
Trust Administration - The legal process
required to administer trust assets. Includes the management of
trust assets for the named beneficiaries.
Trustee - Person or institution that manages
and distributes another's assets according to the instructions
in the trust document.
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