Glossary Terms

Assets

Assets are anything a person owns. Examples of assets include bank accounts, life insurance, investments, a home or other real estate, furniture, jewelry, art, clothing, and collectibles.

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Beneficiary

A beneficiary refers to someone or thing [entity such as a charity], who receives the benefits of an agreement such as an estate, trust, account, or insurance policy.

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Distribution

Distribution refers to a payment in cash or asset(s) to the beneficiary, individual, or entity who is entitled to receive it. A discretionary distribution is a distribution to beneficiary based on the choice of the Trustee.

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Executor/Administrator

A person appointed in the Will to carry out the directions and requests in the Will and fully participate in the probate process meeting all the formalities and requirements of the probate court leading to the distribution of assets to the beneficiaries and satisfying all debt obligations. An Administrator has the same obligations as an

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Fiduciary

A fiduciary is a term that implies exceptional confidence, trust, and a high degree of good faith. Being said, a fiduciary is someone with a legal obligation (duty) to act on behalf of another’s benefit. The most common examples are trustees and agents under a power of attorney.

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Funding

The process of transferring [re-titling] assets to a living trust. Estate assets can avoid probate at the Trustmaker’s death if the Trust is fully funded.

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