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Category Archives: Wills & Trusts

Settlor

A person who creates a trust and transfers property to it. May also be known as a grantor.

Rights of Sepulcher

The right to choose and control the burial, cremation, or other final disposition of a deceased person’s body.

Revocable Living Trust

A trust set up during life that can be revoked at any time before death. revocable living trusts are frequently used manner of avoiding the cost, publicity and hassle of a probate administration. Also called an “inter vivos trust.”

Revocable Trust

A trust that can be amended or revoked by its maker or Settlor.

Quit Claim Deed

Deed by which the grantor releases all his interest in property by passing any interest, claim, or title in the property which he has. The grantor makes no warranties or covenants of good title in a quitclaim deed.

Prenuptial Agreement

A type of written contract between two people who are about to marry, setting out the rights of each party in the event of divorce or the death of either party. These are especially important for couples with children from a previous marriage or if one or both spouses are entering the marriage with significant wealth or assets. These are also known as antenuptial agreements, prenups, and premarital agreements.

Pourover Will

A will of a person who has already executed a trust in which all property is designated to be distributed or managed upon the death of the person whose possessions are in trust, leaving all property to the trust. A pour over will is a protection which is intended to guarantee that any assets which somehow were not included in the trust become assets of the trust upon the party’s death. A pour over will often provides that if the trust is invalid in whole or in part, the distribution under the will must be made under the same terms as stated in the invalid trust.

Post-Mortem Planning

Consists of techniques and tools that can help save taxes and other expenses where the inter vivos planning was inadequate.

Personal Representative

The Missouri term for an executor or executrix.

Per Stirpes

A method of describing who is to receive a distribution of property in either a will or trust where the intended recipient(s) are described as a class.

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