Term
|
Definition
| One otccupying a legally defined position of trust (executor, administrator, or trustee). |
|
|
Term
|
Definition
| Commingled or collected investments. |
|
|
Term
|
Definition
| Often a replacement for common trust funds, are created when the bank or brokerage firm that distributes the fund also acts as an advisor for the fund. Typically, these mutual funds are developed, managed, and sold in-house. |
|
|
Term
|
Definition
| A rule stating that a fiduciary, in acquiring, investing, reinvesting, exchanging, retaining, selling, and managing property for the benefit of another, shall exercise the judgment and care under the circumstances then prevailing, that persons of prudence, discretion, and intelligence exercise in the management of their own affairs. |
|
|
Term
|
Definition
| A state having either a mandatory or permissive list of investments that fiduciaries must or may make unless the terms of the instrument or relationship permit otherwise. |
|
|
Term
|
Definition
| An administrator is appointed by the court to settle an estate. An executor is named by the estate owner in the will as the one to settle that estate. The administrator is always appointed by the court, and the executor is always named by the deceased in the will. |
|
|
Term
|
Definition
| A person named to represent the interests of minor children or disabled individuals. |
|
|
Term
|
Definition
| A guardian appointed by the court for a particular purpose such as defending a specific lawsuit or a legal proceeding involving a minor. |
|
|
Term
|
Definition
| Guardian named in a decedent's will. |
|
|
Term
|
Definition
| An individual who assumes the guardianship of a minor or incompetent without obtaining court approval. |
|
|
Term
|
Definition
| A fiduciary agreement whereby the legal title of property is held and the property is managed by someone for the benefit of another. |
|
|
Term
|
Definition
| The holder of legal title to property for the use or benefit of another. |
|
|
Term
|
Definition
| A person who creates a trust; aka settlor, creator or trustor. |
|
|
Term
|
Definition
| (1) One who inherits a share or part of a decedent's estate or (2)one who takes the beneficial interest under a trust. |
|
|
Term
|
Definition
| A set of powers, usually administrative, that may establish the scope of the responsibilities and duties of the respective parties. |
|
|
Term
| Rule Against Perpetuities |
|
Definition
| A limitation that restricts a person's power to alienate property in trust beyond the time of a life or lives in being plus 21 years. |
|
|
Term
| Rule Against Accumulations |
|
Definition
| State law restricts a trust from accumulating too much property for too long a period of time. |
|
|
Term
|
Definition
| A trust that is created and operates before the death of the settlor. |
|
|
Term
|
Definition
| A trust that can be revoked, amended, or terminated by the grantor and the property recovered by the grantor. |
|
|
Term
|
Definition
| A trust created when the grantor permanently transfers property to the trustee and cannot alter, amend, revoke, or terminate the arrangement or reclaim the property. |
|
|
Term
|
Definition
| A trust created by the terms of a will. |
|
|
Term
|
Definition
| A tax-exempt organization operated exclusively for charitable purposes as specified in Sec. 501(c)(3). |
|
|
Term
|
Definition
| A doctrine of law created to prevent the failure of trusts that cannot be applied to their original charitable purpose. When applying cy pres, the court attempts to find another charitable purpose similar to the settlor's initial charitable intention. |
|
|
Term
|
Definition
| The failure of a testamentary bequest due to the death of the devisee or legatee during the life of the testator. |
|
|
Term
|
Definition
| Person receiving the benefit under a power of appointment. |
|
|
Term
|
Definition
| A power of appointment that gives the donee a right at any time to designate the property to parties that include the donee or the donee's estate or creditors. |
|
|
Term
|
Definition
| A power of appointment in which the donor of the power limits the donee's appointment of the property to an appointee other than the donee, the donee's estate, or the donee's creditors. |
|
|
