Legal Terminology and Law Definition of Trusts & Estate Planning

A/B Trust
An "A-B trust" is a type of trust established by a married couple that includes provisions requiring the allocation of assets on the death of one spouse to two separate trusts to be established only at that time. This family trust might help spouses to save on estate taxes. The Estate Tax Credit currently allows you to shelter up to $2 million from … Full Definition »
Law topic: Living Trusts << Legal issue: Trusts & Estate Planning
agent
an agent means a person granted authority to act as attorney-in-fact for the principal under a power of attorney, and includes the original agent and any co-agent or successor agent. Unless the context indicates otherwise, an "agent" designated in a power of attorney shall mean "attorney-in-fact". An agent acting under a power of attorney has a … Full Definition »
Law topic: Power Of Attorney << Legal issue: Trusts & Estate Planning
Bypass Trust
see A-B Trust … Full Definition »
Law topic: Living Trusts << Legal issue: Trusts & Estate Planning
capacity
'Capacity' means ability to comprehend the nature and consequences of the act of executing and granting, revoking, amending or modifying a power of attorney, any provision in a power of attorney, or the authority of any person to act as agent under a power of attorney. … Full Definition »
Law topic: Power Of Attorney << Legal issue: Trusts & Estate Planning
child
child is often referred to as a human younger than the age of majority. Age of majority varies from 16 to 21 depending on a country. For the purpose of estate planning, a Child includes a person entitled to take as a child under the state probate code by intestate succession from the parent whose relationship is involved, and excludes any person who is … Full Definition »
Law topic: Trusts & Estate Planning << Legal issue: Trusts & Estate Planning
estate
Estate" means a trust estate, a decedent's estate, a guardianship or conservatorship estate, or other property that is the subject of a donative transfer. … Full Definition »
Law topic: Living Trusts << Legal issue: Trusts & Estate Planning
fiduciary
for the purposes of estate administration: Fiduciary means a personal representative or trustee. The term includes an executor, administrator, successor personal representative, and a person performing substantially the same function. A fiduciary shall administer a trust or estate in accordance with the terms of the trust or the will; may … Full Definition »
Law topic: Living Trusts << Legal issue: Trusts & Estate Planning
Financial institution
means a financial entity, including, but not limited to: a bank, trust company, national bank, savings bank, federal mutual savings bank, savings and loan association, federal savings and loan association, federal mutual savings and loan association, credit union, federal credit union, branch of a foreign banking corporation, public pension … Full Definition »
Law topic: Living Trusts << Legal issue: Trusts & Estate Planning
grantor
\ ɡrænˈtɔːr \ A person who grants another person or entity (an agent) the authority and power to act on behalf of the grantor in accordance with the powers set forth in a power of attorney document. (2) The person who sets up a trust or makes a disposition of property. … Full Definition »
Law topic: Living Trusts << Legal issue: Trusts & Estate Planning
guardianship
A Court-ordered relationship between a person (called a Guardian) who has been appointed to care for the financial (Guardian of the Estate) and/or legal (Guardian of the Person) matters of another, usually either an infant or a disabled person. The guardianship may be permanent or temporary. If a guardian was appointed for an incapacitated person, and … Full Definition »
Law topic: Living Trusts << Legal issue: Trusts & Estate Planning
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grantor
\ ɡrænˈtɔːr \ A person who grants another person or entity (an agent) the authority and power to act on behalf of the grantor in accordance with the powers set forth in a power of attorney document. (2) The person who sets up a trust or makes a disposition of property. … Full Definition »
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