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| Glossary of Financial Terms |  Grantor – the person who transfers assets into a trust for the benefit of him/herself or others.
Gross estate – the total property or assets held by a person as defined for federal estate tax purposes.
Guardian – a person legally appointed to manage the rights and/or property of a person incapable of taking care of his or her own proceedings.
Inter vivos trust – a type of trust designed during one's life to hold property for the benefit of him/herself or another person.
Interest – any right or ownership in property.
Intestate – the term used when a person dies without a will.
Joint ownership – two or more people have the legal right for the property, usually with the right of survivorship.
Life insurance trust – a trust that has a person’s life insurance policy as its principal asset.
Living trust (revocable) – it established by a grantor during his or her life in which the grantor transfers some or all of his or her property into the trust.
Living will – a legal document that directs that the maker's or signer's life is not artificially supported in the event of a terminal illness or accident.
Marital deduction – a deduction that lets the unlimited transfer of any or all property from one spouse to the other.
Power of attorney –a written legal document that gives a person the authority to act for another.
Powers of appointment – a right given to another person in a written document, like a will or trust that lets the other to decide how to apportion the property.
Probate – the court process for determining the legality of a deceased person's will.
Testamentary trust – a trust created upon death by the terms of an individual’s will or living trust.
Testator – a person who dies leaving a will or testament in force.
Trust – a written legal document created by a grantor for the benefit of him/herself (during life) or others (during life or at death).
Trustee – the person or institution entrusted with the duty of managing property placed in the trust.
Unified credit – a federal tax credit that offsets gift tax and estate tax liability.
Will – a legally executed document that explains how and to whom a person's property is to be distributed after death.
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