Beneficiaries- In a living trust, the persons and/or organizations who receive the trust property after the death of the trust grantor.

Conservatorship- A court controlled program for persons who have been declared incompetent because they are unable to manage their own affairs. Also called a probate guardianship in some states.

Estate- Property and debts left by an individual at death.

Executor- Person or institution named in a will to carry out its instructions (female is executrix); also called a personal representative.

Fiduciary- Person having the legal duty to act for another's benefit; implies great confidence and trust, and a high degree of good faith.

Grantor- The person who sets up or creates the trust; may also be referred to as the trustor, settlor or creator.

Grantor Trust- The name the IRS uses for a revocable living trust.

Intestate- Without a will.

Irrevocable Trust– Can not be changed or cancelled (revoked) once it is set up.  Opposite of revocable trust.  A living trust is typically  not an irrevocable trust when created but may become an irrevocable trust once the Trustor / Grantor/ Settlor passes away.

Living Trust- A written legal document into which you place all of your property, with instructions for its management and distribution upon your incapacity or death; also known as a revocable inter vivos trust; a trust created during one's lifetime.

Living Will- A written document stating that you do or do not wish to be kept alive by artificial means when the illness or injury is terminal or when you are irreversibly vegetative or "brain dead."

Payable on Death (POD) aka Transfer on Death Designation (TOD)- Naming a beneficiary on an asset; when the owner dies the beneficiary immediately owns the property without probate.

Personal Representative- Another name for an executor or administrator of an estate.  Established by a will or county court to facilitate the probate process. Not used in a Living Trust arrangement.

Revocable Trust- A trust which may be changed after it is created.  Living Trusts are one form of a Revocable Trust. The person setting it up the trust (Trustor / Grantor/ Settlor) retains the power to change or cancel (revoke) the trust during his or her lifetime. Opposite of irrevocable trust

Successor Trustee- The successor trustee is the person who assumes control of the trust after the initial trustee, dies or becomes incapacitated. The successor trustee makes sure that the trust is managed for the benefit of the beneficiaries and is later distributed among the beneficiaries according to the terms of the trust. Usually, the successor trustee is the Trustor / Grantor/ Settlor knows well and trusts.

Trustee- Person or institution agreeing to accept and manage property according to the provisions of the trust agreement.

Trustor- The person who transfers his property to the benefit of a beneficiary under a trust document or declaration is called Trustor (may also be referred to as the grantor, settlor or creator).  The Trustor disowns  their right to the property specified in the trust documents or those which may later be transferred to the trust. A trustor can be and typically is the beneficiary under the trust they form.