Administrator: An individual or entity, such as a trust department, appointed by a court to settle the estate of a person who has died without leaving a valid will.

Beneficiary: Person or entity entitled to receive benefits from a will, insurance policy, trust agreement or employee benefit plan.

Charitable Remainder Trust: An irrevocable trust with both income and remainder interest. Income is paid to designated beneficiaries for a term or lifetime. The remainder interest is paid to qualified organizations as specified in the trust document when the trust terminates.

Corporate Trustee: A trust institution serving as trustee.

Durable Power of Attorney: A power of attorney that will come into effect and valid if the person who grants the power becomes incapacitated.

Estate: The real and personal property of a decedent; a specific interest in property.

Estate Administration: The management of a decedent's estate including the payment of expenses, taxes, debts and obligations, and the general settling of the estate including managing the probate process.

Fiduciary: An individual or entity in position of trust who has accepted the duty of acting for the benefit of another.

Grantor/Settlor: A person who transfers property; the creator of a trust.

Irrevocable Life Insurance Trust: Typically used to shelter an insurance death benefit from estate taxes and settlement costs and may provide liquidity to pay estate tax and settlement costs. A trust is created, and then the trust purchases and owns a life insurance policy. Upon death, the insurance proceeds are paid out in accordance with the terms of the trust.

Irrevocable Trust: A trust that, by its terms, cannot be revoked by the grantor.

Living Trust: A trust that is operative during the lifetime of the grantor; opposed to a trust under will or testamentary trust. Also known as an inter vivos trust or revocable trust, which by its terms may be terminated by the grantor settlor.

Power of Attorney: A legal document appointing someone to act as ones agent with legal authority to sign your name, on your behalf, in your absence. Power of Attorney ends at incapacity (unless it is a durable power of attorney) or death.

Probate: The legal process wherein the estate of a decedent is administered which includes the process of proving validity of a will in court and executing its provisions under the guidance of the court.

Remainderman: The person who is entitled to an estate or trust after the prior interest has expired.

Successor Trustee: Person or institution named in a trust document who will take over should the prior trustee die, resign, or otherwise become unable to act.

Trust: An entity that holds assets for the benefit of certain other persons or entities created by a trust agreement, which has instructions for handling those assets.

Trustee: Person or institution who manages and distributes another's assets according to the instructions in the trust agreement.

Trust Settlement: The management of a decedents estate through a trust including the payment of expenses, taxes, debts, obligations, and the general settling of the estate, excluding the probate process.

Will: A written document with instructions for disposing of an individual's assets after death subject to probate.