Type of Trust
Amendable trust (can be canceled or changed)
What is a Revocable Trust?
Person who creates a trust
Who is the Grantor/Settlor?
Set of instructions or a financial roadmap
What is a Trust?
Legal declaration by which a person transfers property at death
What is a Will?
Trust that generally cannot be canceled or changed
What is an Irrevocable Trust?
Someone who receives an inheritance through a will or under a trust
Who is a Beneficiary?
Only begins to act when the Trustee role is vacant
What is a Successor Trustee?
Everything you own at death
What is an Estate?
A revocable trust created while the grantor is living
What is a Living Trust?
Person who creates a will
Who is a Testator?
More than one trustee that share responsibility
What are Co-Trustees?
Dying without a Will
What is Intestate?
Trust language is in the Will and not a separate document
What is a Trust Under Will?
Party in power after Testator is deceased
Document containing limited information to show the trustee’s authority to transact business on behalf of the trust
What is a Certification of Trust?
Introduced by Ty Inc. in 1993, these small, plastic pellet-filled plush animals with red heart-shaped tags sparked a massive collecting frenzy in the late '90s
What are Beanie Babies?
Trust created upon death (sometimes under a Will)
What is a Testamentary Trust?
Party in power of a trust
Who is a Trustee?
Name of the tax return filed for the trust
What is Form 1041?
To act with honesty, integrity, good faith, fairness and loyalty
What is Fiduciary Duty?