C Trust - See "QTIP."
Certificate of Trust - A shortened version of a Trust that verifies the Trust’s
existence, explains the powers given to the Trustee, and identifies the
Successor Trustee(s). Does not reveal any information about the Trust
assets, Beneficiaries, or their inheritances.
Children’s Trust - A Trust included in your Living Trust. If, when you die, a
Beneficiary is not of legal age, the child’s inheritance will go into this Trust.
The inheritance will be managed by the Trustee you have named until the
child reaches the age at which you want him/her to inherit.
Codicil - A written change or amendment to a Will.
Co-Grantors - Two or more persons who establish one Living Trust
together.
Co-Trustees - Two or more individuals who have been named to act
together in managing a Trust’s assets. A Corporate Trustee can also be a
Co-Trustee.
Common Trust - One Living Trust established by two or more individuals
(usually a married couple).
Community Property - Assets a husband and wife acquire by joint effort
during marriage if they live in one of the eight community property states.
(Wisconsin also has a similar law, but does not use the term "community
property.") Each spouse owns half of the assets in the event of divorce or
death.
Conservator - One who is legally responsible for the care and well-being of
another person. If appointed by a court, the Conservator is under the court’s
supervision. May also be called a Guardian. (Duties and titles can vary by
state. For example, in Missouri, there is a Guardian of the person and a
Conservator of the estate.)
Conservatorship - A court-controlled program for persons who are unable
to manage their own affairs due to mental or physical incapacity. May also
be called a Guardianship.
Contest - To dispute or challenge the terms of a Will or Trust.
Corporate Trustee - An institution, like a bank or trust company, that
specializes in managing Trusts.
Credit Shelter Trust - Another name for the B Trust in an A-B Living Trust
because this Trust "shelters" or preserves the federal estate tax "credit" of
the deceased spouse.
Creditor - Person or institution to whom money is owed.
Custodian - Person named to manage assets left to a minor under the
Uniform Transfer to Minors Act. In most states, the minor receives the assets
at legal age.
Deceased - One who has died.
Deed - A document that lets you transfer title of your real estate to another
person(s). Also see warranty deed and quitclaim deed.
Disclaim - To refuse to accept a gift or inheritance so it can go to the
recipient who is next in line.
Discretion - The full or partial power to make a decision or judgment.
Disinherit - To prevent someone from inheriting from you.
Distribution - Payment in cash or asset(s) to one who is entitled to receive
it.
Durable Power of Attorney for Asset Management - A legal document
that gives another person full or limited legal authority to sign your name on
your behalf in your absence. Valid through incapacity. Ends at death.
Directions for Advance Health Care - A legal document that lets you
state your intentions and also give someone else the authority to make
health care decisions for you in the event you are unable to make them for
yourself.
ESTATE PLANNING
Glossary of Terms
