Glossary
Administrator
A person appointed by probate court who is responsible for carrying out the legal and financial wishes stated in a will if someone dies without a will. This person plays the same role as an executor if the defendant had died with a valid will.
Beneficiary
A person who receives something from a will, trust, or other legal contract, such as a life insurance policy, a retirement account, a payable-on-death account.
Assets
Everything someone owns, including real property, bank accounts, life insurance, investments, jewelry, furniture, retirement accounts, and vehicles.
Bequest
A gift in a will or trust. A testator can make a bequest to a specific person, organization, or class of people.
Certificate of trust
A shortened version of a trust which verifies the trust’s existence, explains the powers given to the trustee, and identifies the successor trustee(s). It does not include any specific information about the trust’s assets, beneficiaries, or distributions.
Conservator
Depending on the state or context, duties and titles may vary. Usually, it is interpreted as a financial guardian for a minor or an adult. However, there are some states or contexts where a “conservator” is interpreted as a guardian.
Custodian
A person named to manage assets left to a minor. In most states, the minor receives the assets at the legal age of adulthood.
Deed
A legal document that lets someone transfer a real estate title to another person.
Disinherit
To prevent someone from being a beneficiary.
Executor
A person you appoint who is responsible for carrying out the legal and financial wishes stated in your will.
Grantor (Or Trustor)
A person who creates a trust.
Guardian
A person appointed by a parent who attends to the care of their minor children in the event of the parent’s death. At a minimum, this includes health and living affairs. Depending on whether a separate financial guardian is appointed, this would also include financial affairs.
irrevocable trust
A type of trust that generally cannot be changed or terminated once it’s created. This is in contrast to a revocable trust (see below). An irrevocable trust can be designed and used to remove assets from the creator’s taxable estate.
Pour-over will
A type of will that is often used with a living trust. A pour-over will states that any assets not specified to a beneficiary (other than the trust itself) will become part of the living trust at death.
Probate
A court-supervised process that determines whether a will is valid and supervises the executor in carrying out the testator’s legal and financial wishes. Usually, this includes a court hearing to establish the death of the testator, the residency of the testator, the genuineness of the will, its conformance with statutory requirements for its execution, and the competency of the testator at the time the will was made.
Revocable trust
A type of trust that can be changed or terminated during the grantor’s lifetime. This is in contrast to an irrevocable trust.
Successor trustee
A person or institution who becomes the trustee for a trust should the first choice trustee die, resign, or otherwise become unable to act.
Testator
A person who creates a will.
Trustee
A person who is responsible for managing any property or assets a grantor transfers into and titles in the name of the trust. The trustee has duties to be loyal, prudent, impartial, and inform the beneficiaries of the trust. The trustee can be the grantor and/ or a beneficiary of a trust in addition to the trustee role.