©Anne M. Campbell *All Rights Reserved |  Privacy Notice | Disclaimer 
A Administrator: a person appointed by the court to administer (i.e. manage or take charge of ) the assets and liabilities of a decedent (i.e. the deceased). Advance Medical Directive: a document that gives instructions regarding a person’s healthcare if the person is incapable of making or giving those instructions. This document is usually made up of two parts: instructions concerning a person’s healthcare if they are dying and instructions for healthcare decisions should the person be unable to make such decisions. B Beneficiary: a person who will receive the benefit of property from an estate or a trust. C Codicil: a formally executed supplement or an addition to a will Complex Trust: a complex trust is any trust other than a simple trust. One in which the trustees have discretion as to whether to distribute and discretion as to amounts distributed. Conservator: A guardian, protector appointed by court to manage affairs of incompetent or to liquidate business. One who is appointed by a court to manage the estate of a protected person. Co-Trustee: two or more persons who are intrusted with property for the benefit of one or more others. D Decedent: a person who has died. Descendants: a person’s children, grandchildren, and more remote persons who are related by blood or because of legal adoption. A person’s spouse, stepchildren, grandparents, brothers, or sisters are not included. The term “descendants” and “issue” have the same meaning. Durable Power of Attorney: a power of attorney that does not terminate upon the incapacity of the person making the power of attorney. E Estate: the total property of whatever kind that is owned by a decedent prior to the distribution of that property in accordance with the terms of a will, or when there is no will, by the laws of inheritance in the sate of domicile of the decedent. Estate Tax: a tax imposed on the right to transfer property by death. Estate Planning: allowing an individual to plan for his or her lifetime objectives, providing direction and the distribution of her or her assets after death. Estate planning can include, but is not limited to, wills and trusts (revocable & irrevocable), powers of attorney and health care directives. There are many state & federal laws that affect the way estate planning can be done. Allying with an estate planning lawyer can help you assure that your goals are understood and implemented accurately and legally. Executor: A person named in a will and appointed by the court to carry out the terms of the will and to administer the decedent’s estate. May also be called a personal representative. If a female, any be referred to as the executrix. F Fiduciary: a person holding the character of a trustee, or a character analogous to that or a trustee, in respect to the trust and confidence involved in it and the scrupulous good faith and candor which it requires. A trustee, for example, possesses a fiduciary responsibility to the beneficiaries of the trust to follow the terms of the trust and the requirements of applicable state law. A breach of fiduciary responsibility would make the trustee liable to the beneficiaries for any damage caused by such breach. G Gift tax: a tax imposed on the transfer of property by gift. Such tax is imposed upon the donor of a gift and is based on the fair market value of the property on the date of the gift. Grantor: the person by whom a grant is made. A transferor of property. The creator of a trust is usually designated as the grantor of the trust. Guardian: A person lawfully invested with the power, and charged with the duty, of taking care of the person and managing the property and rights of another person, who, for defect of age, understanding, or self-control, is considered incapable of administering his own affairs. One who legally has the care and management of the person, or the estate, or both, of a child during its minority. H Health Care Power of Attorney: a document appointing a person to make health care decisions when the grantor of the power is incapacitated. Heir: The person entitled to a distribution of an asset or property interest under applicable state law in the absence of a will. “Heir” and “beneficiary” are not synonymous, though they may refer to the same individual in a particular case. I Inter vivos trust : trust created by an instrument which becomes operative during the settlor’s lifetime as contrasted with a testamentary trust which takes effect on the death of the settlor. Intestacy: the sate or condition of dying without having made a valid will, or without having disposed by will of a part of his property. Inventory: a list of the assets of a decedent or trust and filed with the court.  Irrevocable: that which cannot be revoked or recalled. Irrevocable trust: a trust which may not be revoked after its creation as in the case of a deposit of money by one in the name of another as trustee for the benefit of a third person (beneficiary). J Joint Tenancy: An ownership arrangement where two or more persons own property, usually with rights of survivorship. K   No entries L Living Trust: an inter vivos trust created and operative during the lifetime of the settlor and commonly for benefit or support of another person. M Medicaid: a federally-funded state-managed needs based program that provides medical care, including nursing home care, to the aged, blind or disabled who meet resource and income tests. Medicare: a federally administered system of health insurance available to persons aged 65 and over. N   No entries O   No entries P Personal representative - an executor or administrator of a decedent’s estate. Pour-over trust: A provision in a will in which the testator leaves the residue of his estate to a trustee of a living trust for purpose of that pour-over trust. Power of Attorney: an instrument (written document) authorizing another to act as one’s agent or attorney. The agent is attorney in fact and his power is revoked on the death of the principal by operation of law. Such power may be either general or special.  Principal: the property (money, stock, real estate, etc) contrib uted to or otherwise acquired by a trust to generate income and to be used for the trust beneficiaries according to the trust’s terms. Also referred to as trust corpus. Probate: court procedure by which a will is proved to be valid or invalid; generally all matters and proceedings pertaining to administration of estates. Property: anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein. Q   No entries R   Revocable: susceptible of being revoked, withdrawn or cancelled. Revocable trust: A trust in which the settlor reserves to himself the right to revoke. Such provisions may have tax implications depending upon the time following its creation within which he may revoke. S Settlor: one who creates a trust (also called trustor). Simple Trust: a simple trust is a trust which provides that all of its income is required to be distributed currently, even if it is not in fact distributed, does not provide that any amounts are to be paid, permanently set aside, or used for charitable purposes; and does not distribute any amount other than current income. Simple trusts are those that are not complex trusts. Such trusts may not have a charitable beneficiary, accumulate income, nor distribute corpus (the main body or principal of the trust). Special Needs Trust: trust established for a disabled person and designed to allow the disabled person to be eligible for government financial aid by limiting the use of trust assets for purposes other than the beneficiary’s basic care. Successor Trustee: a trustee who follows or succeeds an earlier trustee and who generally has all the powers of the earlier trustee. Trusts generally make provisions for appointment of successor trustees. T Trustor: one who creates a trust (also called settlor). Trust fund: money or property set aside as a trust for the benefit of another and held by a trustee. Trustee: person holding property in trust. The person appointed, or required by law to execute a trust; one in whom an estate, interest, or power is vested, under an express or implied agreement to administer or exercise it for the benefit or to the use of another. U   No entries V   No entries W Will: a written document by which a person makes a disposition of his property, to take effect after his death, and which by its own nature is ambulatory and revocable during his lifetime. X   No entries Y   No entries Z   No entries

Anne M. Campbell, Esq.

Call to make an appointment in Northern California counties: (707)449-0800 For appointments in Central California or with other questions: (805)594-1669 Anne@AnneCampbellLaw.com State Bar # 114687
Recognized as “Best Senior Law Firm” in Solano County 2015 Now Serving the San Luis Obispo Region!
GLOSSARY
Law Office Glossary, Anne M. Campbell Esq., Vacaville CA, San Luis Obispo CA, Northern California Attorney, Southern California Lawyer, Napa Valley Attorney, Gold Country Lawyer
Home About Us Practice Areas