Welcome to the LegalLifeline Learning Center

The Learning Center provides access to terminology and topics that you may encounter during the planning process. You will find an extensive Glossary of Terms that helps to define the legal language used during document development. The Frequently Asked Questions (FAQ) section is here to provide answers to the questions many have asked, during our presentations and client meetings. Need additional information? We're here to help.

Glossary of Terms

Attestation - An attestation clause is a certificate signed by witnesses to a Will reciting performance of the formalities of execution that the witnesses observed.

Beneficiary - One who benefits from the act of another.

Charitable Purpose - A charitable purpose is one that benefits, improves or uplifts humankind mentally, morally or physically.

Charitable Trust - The purpose of a Charitable Trust is to accomplish a substantial social benefit for some portion of the public.

Conservator - Court appointed manager of property.

Co-Successor Trustees - Two or more people chosen to fulfill fiduciary duties.

Deeds of Trust - An instrument used in many states in lieu of a mortgage.

Durable Powers of Attorney (Financial or Healthcare) - An instrument authorizing another to act as one's Agent or Attorney.

Estate Taxes - The death taxes imposed by the Federal Government on the transfer of assets at death. Estate taxes are generally paid by the Personal Representative of the Probate estate or the Trustee of a Living Trust.

Executor - A person appointed by a Testator to carry out the terms of the Will.

Fiduciary - The obligation to manage assets in the same way a prudent person would manage assets.

Grantor/Settlor - The person who creates the Living Trust and contributes money and other property into it.

Guardian - Court appointed manager of a person.

Guardian of Person of Minor Children - Adult who will raise your child(ren) if something happens to you.

Guardian of Estate of Minor Children - Adult who will manage your child(ren)'s financial matters if something happens to you. This can be the same person as the Guardian of Person, or can be another adult.

Heir(s) - Those who succeed to an inheritance under the Statutes of Descent and Distribution.

Intention - The Settlor must intend to impose enforceable duties on a Trustee to deal with property for the benefit of another. Intent can be demonstrated by words, conduct, or both.

Intestate - The legal status of dying without a Will, or without a valid Will currently in force.

Issue - Lineal descendants of all degrees (i.e. children, grandchildren, great-grandchildren, etc.).

Joint Attorneys-in-Fact - Individuals that must act together on behalf of another. They must both agree before any action can be taken and must take the same action at the same time.

Joint Tenancy (Right of Survivorship) - A form of property co-ownership between two or more persons whereby the beneficial interest of each co-owner, up death, inures automatically to the other co-owners notwithstanding any provision to the contrary in the deceased co-owner's Will.

Joint Tenancy (Tenants in Common) - A form of property ownership between two or more persons whereby each owns an undivided interest in the whole.

Life Tenant - A Trust Beneficiary whose interest consists solely of the use of, and income flow from, the Trust asset(s) during his/her lifetime.

Living Trust - A Living Trust is a generic name for any Trust that comes into existence during the lifetime of the person or persons creating the Trust. A Living Trust is different from a Testamentary Trust, which is created by a Will and does not take effect until death. Not to be confused with a Living Will which provides for medical care decisions when a person is terminally ill.

Personal Representative - The person or institution appointed by the Testator in a Will to take care of the his/her property after death. (Also referred to as the "Personal Representative" of the estate). The Personal Representative functions under the jurisdiction of the Probate Court.

Pre-Nuptial Agreement (A.K.A. Pre-Marital Agreement) - Agreement entered into by prospective spouses prior to marriage but in contemplation and consideration of marriage.

Principal Residence - The primary location that a person inhabits.

Probate - The legal proceeding by which the Probate Court is given full jurisdiction over the assets of the Decedent. Probate starts with the filing of the Decedent's Will with the Court and ends after all taxes and debts of the Decedent have been paid, and the assets accounted for and distributed in accordance with the terms of the Decedent's Will. Probate usually lasts for at least four months and can often endure for a much longer period of time.

Real Property - Land and all improvements permanently affixed to the land (houses, etc.).

Revocable Living Trust - A Living Trust governed by a Trust Agreement whose terms may be amended, modified or otherwise revoked by the Grantor during his/her lifetime.

Settlor(s) - The person or persons that create a Trust.

Successor Trustee(s) - Individual, individuals or corporate Trustees you choose to manage the affairs of your estate plan upon your disability or death. (Usually listed as your adult children and/or trusted friends and/or corporate trustee).

Testate - The legal status of dying with a valid Will currently in force.

Testator - A person who makes a Will.

Trustee- The person or institution responsible for holding, managing and distributing money and other property that was contributed to the Living Trust for the exclusive use and benefit of the beneficiaries.

Undue Influence - Pressure that takes away a person's free will to make decisions.

Will - A Will is the legal instrument that permits a person to make decisions regarding the distribution of estate and assets upon death. If a person does not have a Will, he/she will have died intestate and assets will be distributed according to the laws of Descent and Distribution of the state in which he/she resided.

Witness(es) - Sign the Will and must be able to attest (certify) that the testator was competent at the time he/she made the Will.