- 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.