How do you follow all of the legal jargon used in estate planning documents? Not to mention, how do you answer your attorney’s questions when you aren’t even sure what they are talking about? At Ambler Keenan Mitchell Johnson in Denver, Colorado, we do our best to make sure the process of planning your estate is as comfortable and uncomplicated as possible. This week, we have included descriptions of some of the words used in estate planning, probate, and trust administration. If, after reading this, you still have questions. Feel free to call our office to inquire about a free, no-obligation consultation at 303-407-1542 Personal Representative/Executor: A personal representative (in other states it may be called an executor, executrix, or administrator) is the person appointed by your will and the probate court to administer the estate of the deceased. The Personal Representative has a duty to protect and account for the assets in the estate. Testator/Testatrix: This is the man (testator) or woman (testatrix) who creates a will Fiduciary: A person who has a legal and ethical duty to be prudent with another’s finances and assets (example: Personal Representative). Beneficiary: A person, group, or organization who is designated to receive money, assets, or property under a will or trust. Decedent: Individual who has passed away. Donor: Person or organization who is gifting an asset to another person or organization. Donee: The person or organization who receives the gift, see Donor. Trustor: A person who creates a trust Trustee: The person appointed to be responsible for the assets in a Trust. When the person who established the trust is alive they serve as the trustee of their own trust, or a trustee is appointed when a trustor becomes incapacitated, or has passed away. Grantor: A person who transfers an asset into a trust Now that you have added some estate planning, probate, and trust administration vocabulary to your toolbox, you may feel more confident about speaking with an attorney at Ambler Keenan Mitchell Johnson to assist with your needs.
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