A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Trustee powers

Provisions in a trust which define what a trustee may or may not do and what the trustee controls. Generally includes the ability to choose investments for property, for example.

Trustee

Person(s) or legal entity which manages a trust and trust property according to the terms of a trust.

Trust merger

Trust which automatically is terminated when there is one sole beneficiary left and that person is also the sole remaining trustee.

Trust corpus, trust res

Property inside of a trust.

Trust

Trust

* Legal document which designates one person or institution (trustee) to control property given by another person (trustor) for the benefit of a 3rd party (beneficiary). The property included in a trust is called the principal of the trust.

Trust

* A property interest held by one person for the benefit of another

Transfer on Death

Designation of ownership of property which provides for a direct transfer to the named person upon the death of the owner.

Title

Document which proves ownership of property.

Testator

Person making a will

Testamentary trust

Trust created by a will.

Testate

Someone who dies and leaves a valid will or estate planning device in place.

Tenancy in common

Form of joint ownership which provides that if one joint owner dies, his or her share becomes part of his or her estate rather than automatically becoming the property of the other joint tenants. See also joint tenancy and tenancy by the entirety.

Tenancy by the entirety

Form of marital property ownership with a right of survivorship between the spouses. See also joint tenancy.

Taxable estate

That part of an estate which is subject to federal or state estate taxes.

Taking against the will

Choice by surviving spouse to receive his or her statutory share of an estate rather than what has been provided for him or her in the will. See dower and curtesy.

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