Glossary Terms

Refers to the named beneficiary who will inherit all estate assets in the event all of the beneficiaries named in the will die. This can be an individual, group of individuals, charity or other organization.

The person who will serve as the next trustee should the then serving Trustee die, choose not to serve, become incapacitated or resign.

A fiduciary relationship in which someone [Trustmaker or Grantor] gives another party [Trustee] the right to hold property or assets for the benefit of another party [Beneficiary]. The trust should be reflected by a written trust agreement, describing how the trust assets will be distributed to the beneficiary.

A will is a written document that can only be enforced through probate court. A will states clear instructions for disposing of assets after death.