Account Setting

Living Trusts

Probate – court process that pays your final bills and transfers assets from your name to those in your Will.
Living Trust – removes assets from your name to a private family Trust and avoids Probate.
Beneficiaries – are those you wish to receive your assets.
Estate – all assets you own now and at your death.
Trustor – the person who creates a Living Trust.
Trustee – the person who manages a Living Trust (This is you!)
Successor Trustee – takes over at the death or disability of the Trustee.
Executor/Personal Representative – the person the Probate Court appoints to handle your estate.
Decedent – is a person who has died.
Funding a Trust – changing titles from your name to your Trust name.
Guardianship – a court proceeding to manage your affairs.
Living Will – document expressing your medical treatment for terminal illness.

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