Fiduciary Law

Fiduciary

________:: An individual or trust institution charged with the duty of acting for the benefit of another party as to matters coming within the scope of the relationship between them.

Abatement

________:: An equal reduction of benefits to beneficiaries when an estate is not large enough to pay each beneficiary in full.

Executor

________:: An individual or trust institution nominated in a will and appointed by a court to settle the estate of a testator.

Corpus

________:: The principal or capital of an estate as distinguished from the income.

Trustee

________:: An individual or trust institution that holds legal title to property for the benefit of someone else.

Holographic

________:: A will entirely in the handwriting of the testator.

Codicil

________:: An amendment or supplement to a will, it must be executed with all the formalities of the will itself.

Revocable Trust

________:: A trust which by its terms may be terminated by the settlor or by another person.

Irrevocable Trust

________:: A trust which by its terms can not be revoked by the settlor.

Testamentary Trust

________:: A trust established by terms of a will.

SImple Trust

________:: A trust that requires all income to be distributed on an annual basis.

distribute income

Complex Trust:: Trusts that allow accumulation of income and ________ on a discretionary basis.

Settlor

A person who creates a trust such as a living trust to be operative during his lifetime

Fiduciary

An individual or trust institution charged with the duty of acting for the benefit of another party as to matters coming within the scope of the relationship between them

Corpus

The principal or capital of an estate as distinguished from the income

Executor

An individual or trust institution nominated in a will and appointed by a court to settle the estate of a testator

Trustee

An individual or trust institution that holds legal title to property for the benefit of someone else

SImple Trust

A trust that requires all income to be distributed on an annual basis

Abatement

An equal reduction of benefits to beneficiaries when an estate is not large enough to pay each beneficiary in full

Revocable Trust

A trust which by its terms may be terminated by the settlor or by another person

Personal Property

All property NOT deemed real property

Testamentary Trust

A trust established by terms of a will

Intestate

To die without leaving a valid will

Complex Trust

Trusts that allow accumulation of income and distribute income on a discretionary basis

Defective

Often used to get a lower tax result then a complex trust would have otherwise by taxing an individual rather than the trust

Codicil

An amendment or supplement to a will, it must be executed with all the formalities of the will itself

Grantor Trust

A trust in which the grantor retains such power over the trust or is given such power over a trust that all items of income and deduction are attributed to the person rather than the trust

Trust

The property held in trust which can be virtually anything

Express Trust

A trust stated orally or in writing with the terms of the trust definitely prescribed

Implied Trust

A trust created by operation of law or by judicial construction to be distinguished from an express trust which is created by express language oral or in writing

Irrevocable Trust

A trust which by its terms cannot be revoked by the settlor

Holographic

A will entirely in the handwriting of the testator

Express Trust

A trust stated orally or in writing with the terms of the trust definitely prescribed

Adeemed

Revoking a gift mentioned in a will by destruction or selling or giving away the gift before death