Personal Finance Flashcards
Grantor is
person who forms the trust and supplies the assets
Trustee
person named in the trust to administer the trust according to the terms and state trust law
Beneficiary
the person for whose benefit the trust property is held by the trustee
Intent from grantor
must have a valid legal purpose
property
asses subject to the trust
Living turst
trust in which you assign the management of your assets while you are living
Revocable living trust
living trust that can be dissolved
Irrevocable living trust
living trust that cannot be changed, although it can provide income to the grantor
Will
is a legal document by a person, the testator, that names one or more persons, executor, to manage his or her estate and provides for the distribution of property upon death.
Purpose of Will
Ensures the estate is distributed as desired
Purpose of Will 2
Beneficiaries (heirs), the persons specified in will receives a part of an estate
A Living Will
a document to make your family aware of the type of care you want to receive if you should become terminally ill, on life support or permanently unconscious. This document is only effective in the event you are unable to express your wishes yourself.
Oral Will
spoken testaments given before witnesses.
Testamentary Will
Formally prepared document signed in the presence of witnesses
Holographic Will
written without the presence of witness.
