Please note that we have listed a generalized definition for your reference. If you have specific questions about these terms, feel free to ask us!
Attorney in Fact – the individual who, acting on your behalf, handles your financial and/or medical affairs under a legal document called a Power of Attorney or Advance
Healthcare Directive – a document that names a Patient Advocate to make healthcare decisions for a patient, when the patient is unable to participate in medical treatment decisions
Beneficiary – the person who is entitled to benefits under a Will, a Trust, or other document that designates a beneficiary
Estate – you and your stuff
Estate Planning – the design that immortalizes your goals for the protection and preservation of your estate
Executor of the Will – the person who, under the supervision of the probate court, carries out your wishes as outlined in your Will
Probate – a legal process that ensures once you die, your debts are paid and your assets are distributed according to your Will under the guidance of the probate court
Settlor – the person who establishes a trust (also referred to as a Trustor or Grantor)
Successor Trustee – the person appointed to administer the Trust after the initial trustee dies or is incapacitated
Trust Administration – the process of carrying out the terms of the Trust in accordance with the provisions of the Trust and federal and state law
Trustee – the person who administers the Trust to best carry out the purpose and directions of the Trust
Trust – a legal document that contains instructions for handling your affairs during your lifetime or incapacity and distributes your estate upon your death
Will – a prepared legal document that specifies who is to receive your financial resources after your death. If you have minor children, a Will also designates the people who will be responsible for the care of your minor children after your death
