YCLF Dictionary

The person(s) and/or organizations who receive the trust assets after the grantor gets on the bus.
A document for transferring the title of your real estate to another person(s).
Designated Representative
A person legally appointed in a trust to represent the beneficiary and to receive reports on behalf of the beneficiary. This is important if the beneficiary is a minor child.
Everyone has an estate! (Not just those with great wealth.) An estate is simply the assets and debts left behind after getting on the bus.
Getting on the Bus

Getting on the Bus

At Your Caring Law Firm, no one dies. We get on the bus.

Person who sets up the trust. Also known as “Settlor.”
Homestead Exemption
Portion of residence that can’t be sold to satisfy a creditor (while you’re alive).
Without a Last Will and Testament.
Living Probate
When a person is incapacitated, the court will supervise their management of assets.
Federal heath care program for those at poverty level, and children.
Federal health care program for those over 65 years old.
Personal Representative/Executor
In Florida, the term is Personal Representative. This is the person who is named in a Will to carry out its instructions.
The setting of an estate under the supervision of the court. All wills must undergo this process. Living Trusts do not need to be probated. See our article about Will-based vs. Trust-based estate planning.
Spendthrift Clause
Protects assets in a trust from a beneficiary’s creditors.
See our page on Trusts. There are many types!
Trustees & Advisors
Trustee – person or institution managing and distributing another’s assets according to the trust document.

Successor Trustee – the person chosen to be next in line if the Trustee is unable to perform their duties.

Bifurcated Trustee – commonly, the position of Trustee is split between an Administrative Trustee and an Investment Advisor.

Trust Advisor – a watchdog over the trustee.

Fiduciary – person who is legally required to act for another’s benefit. Trustees are fiduciaries with established duties.

Designated Representative – receives notices, information and reports on behalf of the trust’s beneficiaries. This is important if the beneficiary is a minor child, or if there are privacy concerns.