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Category Archives: Wills & Trusts

Real Estate

Land and permanent attachments to the land, including buildings, fences, and all the permanent attachments to the buildings, including heating, plumbing, lighting, masonry, and other fixtures.

Vested Interest

A fixed right to receive an interest in property, whether now or in the future, which cannot be taken away and is not contingent upon the happening of any other event. This should be contrasted with a contingent interest, which may or may not vest upon the happening or occurrence of any particular event.

Will

A document by which a person provides instructions for the disposition of his or her property upon their death.

Uniform Transfers to Minors Act

A uniform law adopted by most states which provides for the means of making a gift in trust to minors. The Act includes statutory methods for managing such gifts. The Act replaces the Uniform Gifts to Minors Act.

Undivided Interest

An interest or right in property, in which the tenant has an equal right to use and enjoy the entire property.

Trustor

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

Trust Indenture

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

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.

Trust

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.

Transfer on Death (TOD)

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

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