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Informed Consent
An authorization to proceed by a person who has been given and understands all of the relevant facts.
Trustee
A person or institution responsible for the management and distribution of property held in a Trust. The trustee has the authority to act according to the instructions provided in the trust agreement. See Fiduciary.
Inheritance Tax
A tax imposed by the state at the time of a person's death that is based upon the total value of the decedent's estate
Family Limited Partnership
A legal partnership agreement between members of a family for the management and control of property for the benefit of family members. Sometimes used to minimize transfer taxes.
Devise
A gift made by a will or a trust. A devise is made to a beneficiary under the terms of the will or trust.
Decedent
A person who has died.
Grantor
The person who sets up or creates the trust; also called a Settlor, Trust Creator, Trust Maker, or Trustor.
Living Trust
Sometimes called an Inter-Vivos Trust--A written legal document established during a person's lifetime into which he/she places property.
Trust
A long recognized legal concept (first used in ancient Greece during the times of Socrates and Plato) in which some or all property of a Trust Creator is held on behalf of a beneficiary (which may include the trust creator) in the name of the Trustee.
Incapacity / Incompetent
Legally unable to manage one's own affairs due to mental disability. This may be temporary or permanent.
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