Definitions

Agency Services
Safekeeping of securities and investment advisory services.

Beneficiary
Recipient of the assets outlined in a trust. Beneficiaries are usually children, grandchildren, a spouse or charity.

Custody Services
Safekeeping of securities, record keeping and administrative services.

Estate Planning
The process of creating and preserving property during an individual’s life and arranging for the appropriate disbursement upon that individual’s death.

Executor
An individual named in a will to carry out its terms. This involves collecting assets, satisfying claims made by creditors, filing tax returns, paying estate taxes and distributing assets.

FDIC
Federal Deposit Insurance Corporation

Grantor
An individual who creates a trust, outlining instructions for managing the trust for the benefit of the grantor, the beneficiaries or a charity.

Guardian
An individual or institution appointed by the Court to control and manage another individual’s affairs and/or property. Most often, a guardian is appointed to manage the affairs of a minor.

Inter Vivos Trust
A Living Trust

Irrevocable
Not capable of being canceled or amended.

Living Trust
A trust, which becomes operative during your life.

Probate
The court, which administers decedents’ estates and wills, oversees the affairs of incompetent persons and determines issues involving trusts.

Revocable
Capable of being canceled or amended.

Testamentary Trust
A trust established through your will, which becomes operative upon death.

Trustee
An individual or institution, which manages a trust according to the instructions, set by the originator (or grantor) of the trust.