Living Trusts Legal Terms and Legal Words. Trusts & Estate Planning Terminology

A/B Trust

An "A-B trust" is a type of trust established by a married couple that includes provisions requiring the allocation of assets on the death of one spouse to two separate trusts to be established only at that time. This family trust might help spouses to save on estate taxes. The Estate Tax Credit currently allows you to shelter up to $2 million from … Full Definition »

Law topic: Living Trusts << Legal issue: Trusts & Estate Planning

Bypass Trust

see A-B Trust … Full Definition »

Law topic: Living Trusts << Legal issue: Trusts & Estate Planning

estate

Estate" means a trust estate, a decedent's estate, a guardianship or conservatorship estate, or other property that is the subject of a donative transfer. … Full Definition »

Law topic: Living Trusts << Legal issue: Trusts & Estate Planning

fiduciary

for the purposes of estate administration: Fiduciary means a personal representative or trustee. The term includes an executor, administrator, successor personal representative, and a person performing substantially the same function. A fiduciary shall administer a trust or estate in accordance with the terms of the trust or the will; may … Full Definition »

Law topic: Living Trusts << Legal issue: Trusts & Estate Planning

Financial institution

means a financial entity, including, but not limited to: a bank, trust company, national bank, savings bank, federal mutual savings bank, savings and loan association, federal savings and loan association, federal mutual savings and loan association, credit union, federal credit union, branch of a foreign banking corporation, public pension … Full Definition »

Law topic: Living Trusts << Legal issue: Trusts & Estate Planning

grantor

\ ɡrænˈtɔːr \ A person who grants another person or entity (an agent) the authority and power to act on behalf of the grantor in accordance with the powers set forth in a power of attorney document. (2) The person who sets up a trust or makes a disposition of property. … Full Definition »

Law topic: Living Trusts << Legal issue: Trusts & Estate Planning

guardianship

A Court-ordered relationship between a person (called a Guardian) who has been appointed to care for the financial (Guardian of the Estate) and/or legal (Guardian of the Person) matters of another, usually either an infant or a disabled person. The guardianship may be permanent or temporary. If a guardian was appointed for an incapacitated person, and … Full Definition »

Law topic: Living Trusts << Legal issue: Trusts & Estate Planning

last will and testament

Also known as a will. A legally enforceable declaration directing the disposal of a decedent's property. See also: will. … Full Definition »

Law topic: Living Trusts << Legal issue: Trusts & Estate Planning

Revocation of Will

A will or any part of it may be revoked or altered by: a new will; an act of burning, tearing, cutting, cancellation, obliteration, or other mutilation or destruction performed by the testator (the person signing a will), or another person at testator's direction; a document called a Revocation of a will. The revocation of a will revokes all codicils … Full Definition »

Law topic: Living Trusts << Legal issue: Trusts & Estate Planning

testamentary trust

a trust created after the grantor’s death (by the terms of his will), as opposed to a Living Trust, created during his lifetime. … Full Definition »

Law topic: Living Trusts << Legal issue: Trusts & Estate Planning