Probate and Estate Planning Glossary: Terms To Know Pt. 3
10 more terms to know when discussing or researching Estate Planning or Probate Administration::
Per capita: A method of distributing an estate in which each beneficiary receives an equal share, regardless of the number of his or her deceased ancestors.
Trustee: The person or entity appointed to manage the property in a trust for the benefit of the beneficiaries.
Settlor: The person who creates a trust.
Revocable trust: A trust that can be modified or terminated by the settlor during his or her lifetime.
Irrevocable trust: A trust that cannot be modified or terminated by the settlor after it is created.
Living trust: A trust that is created during the settlor's lifetime.
Testamentary trust: A trust that is created by a will and takes effect upon the death of the testator.
Grantor: The person who transfers property into a trust.
Living probate: The process of validating a will during the testator's lifetime.
Perpetuity: The condition of property being held in trust for an indefinite period of time.
