Assets: Anything of monetary value, such as money, stocks, real estate or personal property.
Beneficiary: The person entitled to receive assets as stipulated by a will or trust. Also, grantee.
Corporate Trustee: A company, often a financial institution, which serves as trustee under the trust agreement.
Corporate Trust: A trust created by a corporation.
Durable Power of Attorney: A legal document which grants an agent the power to handle another person's affairs should he or she become incapacitated.
Estate: A person's property or possessions.
Executor: A person or institution given legal authority by the court to represent a deceased person's estate under a will.
Grantor: The owner of the assets placed in a trust. Also, trustor.
IRA: An individual retirement account. IRAs are used to save money for retirement, often with tax advantages. There are many types of IRAs, including traditional IRAs and Roth IRAs.
Irrevocable Trust: A trust which cannot be modified or revoked once it is set up.
Managed IRA: An IRA which is managed in the owner's interest by a custodian such as Bank of Utah.
Personal Representative: A person appointed in a will or appointed by court who is responsible for collecting, managing and settling an estate on behalf of someone who is deceased.
Pour-over Will: A provision in a will that directs all residue of an estate (property remaining after debts are paid and gifts are disbursed) into a trust.
Power of Attorney: A legal document which grants an agent the power to act on another person's behalf.
Probate: The legal process of admitting the will to the court for appointment of personal representative.
Revocable Trust: A trust which may be altered or terminated during the grantor's lifetime. After the grantor's death, it becomes irrevocable.
Self-directed IRA: An IRA which requires the account owner to make investment decisions. It allows greater investment flexibility and control than a traditional IRA.
Successor Trustee: A trustee following the original or prior trustee.
Trust: A legal document used to manage a person's assets, both during and after his or her lifetime. Ownership of titled assets is transferred from the grantor's name to the name of the trust. Most trusts last the lifetime of the grantor; some may continue for the benefit of children and grandchildren. Trusts can be revocable or irrevocable.
Trustee: A person or institution given legal authority to manage a trust on the grantor's behalf. A trustee must be named when a trust is established.
Will: A legal document used to direct the distribution of a person's assets upon death. Assets are distributed after the estate goes through probate.