Category Archives: Terminology

One who creates a trust. Also may be called “settlor” or “grantor”.

The document which states the terms and conditions of the trust and dictates the conduct of the trustee.

A person or institution who is in charge of and takes care of the assets of a trust. A trustees owes fiduciary duties to the beneficiaries and must treat all classes of beneficiaries, either current or future, equally and fairly.

An arrangement whereby assets are managed, held, and distributed for the benefit of one or more persons or entities (called beneficiaries). Assets in a trust may include money, stocks, bonds, real estate or other possessions. The person(s) making the trust arrangement is called the settlor or grantor. Property held in trust will avoid probate upon the death of the settlor or grantor. Trusts can own and manage property for the benefit of minor children, the disabled, and incapacitated or spendthrift beneficiaries.

A type of non-probate transfer usually used on motor vehicles, stocks or brokerage accounts, etc.

In property law, the right to own and possess real and personal property. As applied to real property, “title” identifies the legal owner of the land.

Male/female person who writes a will.

A trust created in a Last Will and Testament which does not become effective until the death of the person who wrote the will.

Transfer or disposition of property through a last will and testament; the manner in which the terms of a will divide the testator’s estate, including specific gifts to named beneficiaries.

Possessing the mental competency to execute a last will and testament; being of sound mind. The author of the will must have the ability to know the extent of his property and weigh and appreciate his obligations toward the natural objects of his bounty, his family.