Some people feel uncomfortable meeting with an attorney to discuss their estate-planning needs because of unfamiliarity with the law. However, a good lawyer will discuss your available options in simple terms that a person with no legal training can comprehend.
You can also relieve some of that hesitancy by familiarizing yourself with legal terminology before meeting with a qualified estate-planning attorney to discuss the appropriate choices for you. The following is a short list of common legal terms that may come up in an estate planning meeting:
Attorney-in-Fact: A person who is named under a Power of Attorney to act on behalf of another person.
Beneficiary: A person or entity that receives a benefit from an estate, trust or asset transfer vehicle.
Decedent: A person who has passed away.
Donee: A person or entity who receives a gifted asset from a donor.
Donor: A person or entity who gifts an asset to another person or entity.
Estate: All the assets owned by a decedent upon his or her death.
Executor/Personal Representative: The person responsible for settling a decedent’s estate.
Grantor: A person who transfers an asset to another person or entity.
Guardian of the Person: A court-appointed supervisor in charge of the care of a minor or incompetent person’s physical well-being.
Guardian of the Estate: A court-appointed supervisor in charge of the care of a minor or incompetent person’s financial well-being.
Probate: The legal process used to assemble and transfer a decedent’s assets to the intended beneficiaries and settle a decedent’s outstanding debts.
Revocable Living Trust: A trust established and operating during the trustor’s lifetime in which the trustor reserves the right to revoke or change the trust.
Testator: The creator of a will.
Trust: A legal arrangement created to facilitate the transfer of property to a trustee for the benefit of a beneficiary.
Trustee: A person or entity named in a trust agreement to be responsible for holding and administering the trust assets according to the terms of the trust.
Trustor: A person who creates a trust. (Also sometimes called a “grantor” or “settlor
.”)
Will: A legal document used to transfer assets upon a decedent’s death.
For more information, please contact the Law Office of Sean D. Ethington at 661-295-4604 or visit our website at www.elderlawsite.com .