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Estate Planning Glossary of Terms

Fiduciary: one or more individuals, or an entity. invested with rights and powers to be exercised for the benefit of another person (e.g., trustee, personal representative, agent, attorney in fact, and patient advocate).

TRUST:

Beneficiary: recipient of the trust assets.

Grantor/Settlor: the individual(s) who establish(es) the trust

Trustee: one or more individuals, or an entity, that stands in a fiduciary relationship with the trust and with the trust’s beneficiaries; has the duty to collect, care for, and preserve all trust assets in a long-term management and investment role.

WILL:

Guardian: one or more individuals primarily concerned with the physical care and upbringing of a minor.

Personal Representative/Executor: one or more individuals, or an entity, that wind-up the affairs of the decedent with the Probate Court (e.g., locating and valuing assets; paying claims, taxes, and expenses; and making distributions to the beneficiaries of the estate) if a trust is not established.

DURABLE FINANCIAL POWER OF ATTORNEY/PROPERTY POWER OF ATTORNEY:

Agent/Attorney in fact: a person who, under authority granted by the principal, is authorized to perform an act that will have a binding effect on the principal, while the principal is alive.

 

Principal: the person the power of attorney is for.

HEALTH CARE POWER OF ATTORNEY:

Patient advocate: a person with authority to make health care decisions for the principal if the principal unable to make such decisions on her/his/their own, while the principal is alive.

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