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This glossary was created to help you better understand various terms used on this website.


Beneficial Interest:

personal property rights


person entitled to profits or proceeds from a trust

Beneficiary Agreement:

description of responsibilities or benefits


when trustees manage assets without disclosure to the beneficiaries

Business Trust:

organization engaged in a profit-seeking enterprise



the A/B provision in a living trust to maximize unified lifetime credit

Calendar Year:

January through December

Charitable Remainder:

for retirement and estate planning

Chose in Action:

right to go to law to obtain payment of money or damages]

Common Law:

English case law adopted by the US Constitution. Also called non-statutory law

Complex Trust:

when trustee distributes principal or capital gains to beneficiaries

Declaration of Trust:

written contract that binds grantor, trustee and beneficiary to each other


to grant a lease in property


a gift made in a will


person that gives instructions to the trustee


Non Grantor Trust:

where the trust itself is a taxpayer with an EIN and files form 1041.

Net income usually distributed to beneficiaries


holds salary and wage contributions for investment and protection


Personal Property:

any property other than real estate


Qualified Sub S:

living trust holds stock of an S corporation for a single beneficiary



residual interest reserved for someone when another person’s estate ends



a remainder interest created automatically by law



whereby grantor can cancel, revoke or amend the trust


Shared Equity:

substitute for lease option to divide income/profits


Simple Trust:

where trustee must distribute current income to beneficiaries


Statutory Law:

set forth and authorized by specific state law. Always applicable to corporations and LLCs


Successor Beneficiary:

replaces a beneficiary


Successor Trustee:

replaces a trustee


Title Holding:

for pending real estate transactions


Trust Fund:

investments providing an income to beneficiaries



holds legal and sometimes equitable title to an asset as fiduciary for a beneficiary


Trustee Agreement:

powers authorized for a trustee to act


uniform commercial code for securing personal property



lucrative right to act as guardian for a minor upon the death of the father

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