This is a continuation of a previous post that defines terms related to estate planning. Previously, we talked about wills and intestacy. Here we will focus on trusts and powers of attorney.

Terms related to Trusts:

Trust – A contract that a grantor writes that binds the trustee to manage the property in the trust for the benefit of the beneficiaries. Trusts can be revocable, which means they can be changed at any time by the creator, or irrevocable, which means the terms will continue as written and cannot be changed (under most circumstances). Terms such as “living” and “inter vivos” typically describe revocable trusts.

Grantor/Trustor/Settlor – The person who writes the Trust and puts in all of the provisions of the Trust.

Trustee – The person named in the Trust who will be in charge of managing the Trust property and must abide by the written terms in the Trust.

Beneficiary – The persons who get the benefit of the trust property. In a typical revocable trust, the creator occupies all three positions: Grantor, Trustee, and Beneficiary.
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Terms related to Powers of Attorney

Power of Attorney – A document that nominates an Agent to act on behalf of a Principal. The power of attorney can be very broad (General) or very narrow (Limited or Special). If you are executing one of these for estate planning purposes, then you should ensure the power of attorney is “Durable”, which means it extends beyond the Principal’s incapacity. The use of a power of attorney can typically negate the need for a guardianship or conservatorship.

Principal – The person who creates the power of attorney and nominates the Agent to act on his behalf. The power of attorney is only valid as long as the Principal is alive. Once the Principal dies, either a probate must be initiated or property must pass by other designation.

Agent – The person nominated to act for the Principal. The Agent is under a duty to act in the best interest of the Principal.

Incapacity – This is a disability that renders the Principal unable to understand the consequences of his own actions. This may be the result of a physical disability, mental degradation, or advanced disease. Most documents equate incapacity with incompetency and disability.