Beneficiary
A person or entity with a right to benefits of a trust. This right can be current, future, or contingent.

Charitable Trust
A trust established to benefit a particular charity.

Contingent Beneficiary
A person or entity who may under certain circumstances become entitled to benefits of a trust.

Durable Power of Attorney
A power of attorney which survives incapacity.

Grantor / Donor

A person who creates a trust.

Individual Retirement Account (IRA)
A retirement plan established by an individual for his or her own personal retirement purposes.

Irrevocable Trust
A trust created during a grantor's life or at death which cannot be changed or terminated.

Life Insurance Trust
A trust used to own insurance policies and proceeds. It is generally irrevocable and can be used for personal or business purposes.

Living Will
A document which specified a person's healthcare preferences in cases of incapacity.

Personal Representative / Executor
An individual or entity appointed by the court to handle the probate of an estate.

Power of Attorney
A document which grants a person authority to act on behalf of someone else, either temporarily or permanently. Power of Attorney for Healthcare - A power of attorney which allows the agent to make medical decisions on behalf of an incapacitated individual.

Revocable Living Trust
A trust created during a grantor's life which can be changed or terminated.

Trust
A fiduciary relationship in which a trustee agrees to hold legal title to property for the benefit of another. The trust agreement is the formal written document between the grantor and the trustee that creates and sets forth the terms of a trust.

Trust Under Will
A trust established in a will and not funded until one's death, also known as a testamentary trust.

Trustee
A person or corporate entity charged with the duty to safe-keep assets of a trust and to ensure that the terms of a trust are carried out.