Fiduciary Law

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