Meaning

Beneficiary

The person or institution that is to receive the benefit of the assets of the Trust.

Conservator

A person appointed by the Court to take care of the assets of another person who is either a minor (below the age of 18) or mentally incompetent.

Devisee

The person or institution who will receive assets under a Will.

Estate Planning

The process of planning what will happen to you and your assets upon the occurrence of certain events.  Please click here for a more detailed explanation.

Guardian

A person appointed by the Court to take care of the physical needs of another person who is either a minor (below the age of 18) or mentally incompetent.

Heir

The person who will receive assets if there was no Will or Trust.

Intestate

A legal term meaning someone died without a Will.

Mental Incompetency

The inability of an individual to make a rational decision.

Personal Representative

The person or institution that is responsible for taking care of and distributing the assets under a Will.  The Personal Representative was previously called an Executor if a male or an Executrix if a female.

Probate

A court process for ensuring that the creditors of a deceased person are paid and that the remaining assets are properly distributed.  Please click here for more detailed information on Probate.

Testator

The person who creates a Will.

Trust

One of many types of instruments which can be used to provide for the care of your assets.  You may think of a trust as a basket which holds your assets.

Trust – Irrevocable

A Trust in which the Trustmaker cannot make changes if desired.  Irrevocable Trusts are usually used for tax planning purposes and for other special purposes. 

Trust – Revocable

A Trust in which the Trustmaker can change or revoke as the Trust Agreement permits.  Usually, the Trustmaker is given unlimited power to amend or revoke the Trust.  This type of Trust is sometimes described as a Will Substitute.

Trust – Testamentary

A Trust which is created upon the death of an individual as a result of instructions contained in the Will.

Trust Agreement

The document which explains how the trust is to work and what duties and powers are given to certain parties.

Trustee

The person or institution that is responsible for taking care of the assets in a Trust.

Trustmaker

The person who creates the Trust.  In South Carolina, a Trustmaker is formally called a Settlor, and the term Grantor has also been commonly used.

Will

A document which provides for the distribution of assets upon the death of the Will-maker (testator).  All assets distributed under a Will are required to go through Probate.  The Will has no effect until the actual death of the individual. 

A Will is also the preferred method of appointing Guardians for minor children in the event of the parents’ death.