Glossary Of Terms

BRIEF DEFINITIONS OF SOME TERMS USED IN A TRUST ESTATE PLAN

Settlor: The settlor is the individual who created the trust. It is synonymous with the words grantor and trustor.

Trustee: The individual or entity responsible for carrying out the terms of the trust. The trustee is also responsible for managing the assets of the trust.

Successor Trustee: The individual or entity who becomes trustee if the named trustee can no longer serve.

Attorney in Fact: The attorney in fact is the individual who is named in your durable power of attorney to act on your behalf. If you become incapacitated, this person will carry out your rights as an individual.

Conservator of the Person: Someone who is appointed by the court to carry out decisions and rights that affect the conservatee's body. For example, a conservator of the person can make health care decisions for the conservatee and determine where they live.

Conservator of the Estate: Someone who is appointed by the court to carry out decisions and rights that affect the conservatee's assets and property. For example, a conservator for the estate pays a conservatee's bills using the conservatee's money and manages a conservatee's money and investments.

Executor: The individual named in a person's will to administer a Decedent's estate.

Personal Representative: The individual appointed by a Court to administer a Decedent's estate. The personal representative may be the same as the executor of the will or it can be an administrator whom the court appoints to administer the decedent's estate.

Administrative Trust: A revocable trust usually becomes irrevocable upon the settlor's death. When the settlor dies, the trustee will obtain a tax identification number for the trust from the IRS.

Agent for Health Care: The individual named in the Advance Health Care Directive to make health care decisions for the person who created the Advance Health Care Directive.

Separate Share Trust: A trust created after the settlor's death for a beneficiary who has not yet attained the age set forth in the trust for distribution.